India  imposed import restrictions on platinum alloys with purity less than 99 per cent, apparently aimed at curbing unfair trade of the precious metal. Platinum – unwrought, in powder form, and others – has been put under the “restricted” category against “free” prior, as per a notification from the Directorate General of Foreign Trade (DGFT).However, the import of platinum alloy of 99 per cent or more purity by weight is free from any restrictions. The move to place the import of platinum alloys under a restricted category stems from allegations that these alloys were blended with gold and exported to benefit from the tariff differential, which is 2 percentage points.

UAE had agreed to examine concerns raised by the Indian counterparts.