Platinum Demand In India

Govt imposes import curbs on platinum alloy with less than 99% purity

The government on Wednesday imposed import curbs on platinum alloy with less than 99 per cent purity to curb illicit imports of this precious metal blended with significant amounts of gold. Importers of such platinum alloys are now required to obtain import authorisation from the Directorate General of Foreign Trade (DGFT) for the inbound shipments. The decision follows cases where this alloy blended with significant amounts of gold was imported to exploit the tariff differential between gold and platinum. "Import policy of platinum...is revised from free to restricted except for platinum alloy of 99 per cent or more purity by weight of platinum," the DGFT said in a notification. To ensure a smooth supply of platinum for jewellery manufacturing and industrial use, the government allows the unrestricted import of platinum alloy with 99 per cent or higher purity of platinum. Economic think tank GTRI last year sought urgent review of India-UAE trade, the pact stating that the agreeme

Budget 2025: Industry lauds move to cut duty on platinum jewellery parts

Gems and jewellery industry on Saturday welcomed the government's move to reduce the basic customs duty on platinum findings and slashing of jewellery duty in the Union Budget 2025-26. Gem and Jewellery Export Promotion Council (GJEPC) chairman Vipul Shah said the council welcomes the proposal of creating new tariff items in Chapter 71 so as to distinguish precious metals containing 99.9 per cent or more by weight of silver, containing 99.5 per cent or more by weight of gold, containing 99 per cent or more by weight of platinum under headings 7106, 7108 and 7110, respectively. This move aligns with the representation made by GJEPC for addressing the issue of classification of alloys of platinum (predominantly containing gold), which was invariably leading to claim of unwarranted customs duty exemptions for the import of platinum under India-UAE CEPA (Comprehensive Economic Partnership Agreement), he said. "The sector comprises 85-90 per cent of MSMEs and the revision in classificati

UAE to review India's concerns on surge in silver, platinum alloy imports

India has raised its concerns over jump in imports of silver products, platinum alloy, and dry dates from the UAE and urged the country to ensure that the rules are not circumvented under the free trade agreement (FTA), an official statement said on Tuesday. The UAE has agreed to examine the concerns raised by the India, the commerce ministry said. Following significant increase in imports, India sought review of certain provisions of the FTA with the UAE that came into force on May 1, 2022. The concerns were raised during the second meeting of the joint committee (JC) under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in the UAE on October 14. The Indian delegation was led by Additional Secretary in the Department of Commerce Ajay Bhadoo and Assistant Undersecretary for International Trade Affairs, Ministry of Economy of the UAE, Juma Al Kait co-chaired from the UAE side. "Indian side raised the issue related to the recent surge in imports of silver products,

India's duty cut stops concessionary silver, platinum imports from UAE

After the reduction, there is no incentive to bring silver or platinum into India

Budget 2024: Exporters seek import duty cut on gold, silver, platinum bars

Gems and jewellery exporters on Tuesday sought a reduction in import duty on hold, silver, and platinum bars to 4 per cent in the forthcoming Budget. In a pre-budget meeting with Finance Minister Nirmala Sitharaman here, the Gems and Jewellery Export Promotion Council said the Indian gems and jewellery industry contributes around 10 per cent to total merchandise exports. However, the industry is currently facing some challenges due to the geopolitical scenario, the emergence of the beneficiation scheme, and issues related to rough diamond sourcing, it added. Against the backdrop of the macroeconomic scenario, the council urged the government to take measures to revive exports in this sector. It also requested to introduce the sale of rough diamonds in SNZs (special notified zones); and "reduce the import duty on gold, silver, and platinum bars to 4 per cent; and introduce duty drawback on exports of platinum jewellery to take advantage of India UAE comprehensive economic cooperati

Seeking purity and class: The golden rules of buying platinum jewellery

Rarity and durability make the true white metal appealing to people searching for understated class

India raises total import duty on platinum to 15.4% from 10.75%

It is being presumed that the increase in duty on platinum is to plug a loophole which is helping bullion importers to make record profits

Metal of choice: How electric vehicles will shape demand for platinum

Prices of this rare precious metal lagged gold as a result of an industrial slowdown but battery adoption may boost it

Rising demand, disrupted supply: Platinum breakout rally rides on shortage

Unlike yellow metal, platinum tends to have a positive correlation with equities

Platinum soars past $1,300 an ounce for first time in six years

Tougher pollution regulations requiring vehicle makers to use more platinum in catalytic converters are supporting prices, said Margaret Yang, a strategist at DailyFX

Platinum prices surge to six-year high on brighter demand outlook

Market participants also await minutes of the U.S. Federal Reserve's Federal Open Market Committee meeting at the end of January, due on Wednesday

No dearth of gold demand, but more trust and awareness needed: WGC survey

Gold is the third-most popular investment choice, with 46% of all global retail investors choosing gold products - next only to saving accounts (78%) and life insurance (54%)

Global platinum supply likely to fall 2% this year

Overall platinum supply is projected to fall by 2% year-on-year to 7,330 koz in 2017, with both primary and secondary supply expected to decline. According to the World Platinum Investment Council (WPIC)'s publication Platinum Quarterly for March quarter of 2017, the global demand projected is 6 per cent lower than last year 2016 but deficit has fallen 82 per cent while above ground stock is down 3 per cent.India's demand for platinum in jewellery sector is rising. The council said that in 2016, India's platinum demand for jewellery was highest with 11.5 per cent increase in 2016 to 245 thousand ounce. Paul Wilson, chief executive officer of WPIC, "India's jewellery demand is expected to grow even faster in 2017."Automotive demand, where the white strong precious metal is used as a auto catalyst in converter to reduce carbon emission, has fall in 2016 by 6 per cent to 165 thousand ounce.India's demand for the metal is around 5-6 per cent of the total global demand. Major demand comes .