Gold Jewellery Exports

The new norms for permissible wastage amount for gold, silver and platinum content in jewellery exports will now be in abeyance till August 31, 2024, according to DGFT. The decision was taken on the request of Gems and Jewellery Export Promotion Council (GJEPC), DGFT said in a public notice. In May, the norms were put on hold till July this year. After GJEPC's request, the hold period was extended by one more month till August. This was done after the industry raised concerns over the government's revised norms related to the permissible amount of wastage and standard input output with regard to the export of gold and silver jewellery. The public notice dated May 27 is kept in "abeyance till August 31, 2024 for reassessment of permissible wastages and SIONs as per request of GJEPC," Directorate General of Foreign Trade (DGFT) said. For the interim period, wastage norms as existed prior to the issuance of the May 27 notice stand restored. On May 27, DGFT issued a public notice ..

The price of 22-carat gold also slipped Rs 10, with the yellow metal trading at Rs 68,590

The exports stood at Rs 26,010.87 crore in October 2018, according to data given by the Gems and Jewellery Export Promotion Council (GJEPC)

In rupee term, however, India's overall gold jewellery exports jumped by a staggering 95 per cent to Rs 37.32 billion

Union government is considering more measures to stop bad practices in exports of gold jewellery, said the two persons familiar with the development. Yesterday a trade notice issued by the Noida Export Promotion Zone customs collector, Gem and Jewellery exporters have been asked not to directly import gold on loan bases. Commerce ministry and development commissioners of SEZs are also working on improving Gem and jewellery exports while discouraging bad practices of exporters, informed knowledgeable sources.They will now have to take gold on loan only from nominated agencies and bank. SEZ units are usually allowed to import freely but so far as importing gold on loan is concerned it's a banking transaction where interest is paid and hence, "banking transactions for gold exports like taking gold on loan shall be done in India and hence direct import of gold on loan is disallowed," said Rahul Gupta, chairman of Export Promotion Council for EOUs and SEZs (EPCES). Another person familiar .