India has restricted imports of gold and silver items from South Korea. According to Diamond World, India is trying to “check spurt in inbound shipments of precious metals from that country”, after a sudden surge in imports of precious metal from South Korea, with which India has a free trade agreement since January 2010.
Gold imports from South Korea jumped to $338.6 million between July 1 and August 3 this year. The import in 2016-17 stood at $70.46 million.
According to the piece, importers will now have to obtain a license from the Directorate General of Foreign Trade (DGFT) for importing gold and silver from South Korea.
According to the DGFT , “Imports from South Korea of articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal…;articles of goldsmiths’ and silversmiths’ wares and parts thereof…and coins are restricted”.
