New HS Codes to Distinguish Platinum Alloys: A Step Toward Policy Precision

The introduction of new HS codes aims to separate pure platinum from its alloys, facilitating precise policy interventions. This change aligns with global best practices and helps gather precise trade data. Officials and industry leaders highlight the benefits for fair trade and prevention of malpractices.

The government has announced the creation of new HS codes to differentiate pure platinum from its alloys, a move set to aid in precise policy interventions. This initiative is part of efforts to align with global best practices, according to a senior government official.

HS codes, or the Harmonised System of Nomenclature, play a critical role in categorizing products worldwide. With the new codes, trade data concerning bullion and Dore of precious metals can be captured more effectively, thus supporting targeted policy strategies in the future.

Santosh Kumar Saranagi, the Director General of Foreign Trade, highlighted the significance of this development. He emphasized that distinguishing between pure gold and alloy could aid in effectively regulating only the alloy components if necessary. Colin Shah, Managing Director of Kama Jewelry, also supported the move, noting its potential to eliminate malpractices and promote industry fairness.

(With inputs from agencies.)