In a significant move for the gems and jewellery sector, the Indian government has authorized 15 banks to import both gold and silver for a period of three years starting from April 1, 2026. This decision follows a delay that caused over 5 metric tonnes of gold and approximately 8 metric tonnes of silver to be stuck at customs due to the absence of necessary clearance from the Directorate General of Foreign Trade (DGFT). The previous import authorizations were valid only until March 31, 2026, and the new notification extends this validity until March 31, 2029. The delay in issuing the notification was attributed to the focus on other pressing issues, including the ongoing conflict in West Asia. Customs officials had halted shipments until the DGFT provided clearance, leading to confusion during peak demand periods like Akshaya Tritiya. Notable banks included in the new authorization are Axis Bank, Bank of India, and HDFC Bank, among others. This extended authorization period is viewed positively by industry representatives, as it allows for more stable import operations.