Page 5 - Bullion World Volume 03 Issue 5 may 2023

Bullion World | Volume 3 | Issue 5 | May 2023

EDITORIAL

THE WORLD’S MOST

CONSIDERATE PRECIOUS METALS Dear Readers,
®

The Indian government has widened the list of eligible players
who can import gold from UAE under the CEPA at a 1%
lower customs duty. Apart from the existing gold jewellery
manufacturers and retailers, Indian bullion dealers have been
permitted to import under CEPA. The announcement has
come when the India – UAE CEPA launched on May 1st 2022
completes its first year. At the current market price of gold,
a 1% concession roughly translates to 20 USD/troy ounce.
The tariff rate quota under CEPA for the financial year 2023-
24 would be 140 tonnes. Of the 120 tonnes allocated for FY
2022-23, roughly only 10-12% was utilised as the Indian gold
prices have been at a discount to the London benchmark
since November 2022.

India Silver Conference 2023 (www.silverconference.in), a first-of-its-kind initiative in India, concluded
successfully on April 30, 2023. Key recommendations that emerged from the ISC2023 platform are-
(a) reduce basic customs duty on silver bullion as it is a raw material for jewellery and industrials; (b)
review customs duty on silver products and eliminate inverted duty structure, where it exists; (c) for
silver jewellery exports to thrive and grow, refund the entire duty and taxes paid on silver bullion;
(d) develop a plan of action for nurturing industry-institution collaboration towards developing new
application or substituting imports; and (e) adopt hallmarking for silver bullion and jewellery. We have
placed part-1 of the highlights of ISC2023 in this issue.

In this edition, Mr James Jose has given us insightful information about the Milestones and Hurdles
regarding the Mandatory HUID hallmarking, while Mr Sharad Jobanputra of Sequel Logistics has
provided us information about Sequel becoming an LBMA affiliate member. Mr Amit Mittal
of M.D. Overseas has provided an excellent overview of the process involved in becoming an RJC
member. We bring our readers snapshots of the India Silver Conference as well as an article on the
jewellery sales and consumer buying.

We would be happy to receive your comments and feedback on the content of this edition.
Please write to editor@bullionworld.in

Best wishes,
G Srivatsava
Editor

Learn more
abcbullion.com/considerate

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