Page 9 - Bullion World Volume 4 Issue 4 April 2024

Bullion World | Volume 4 | Issue 4 | April 2024

Ms Abhinaya S, VP, Eventell Global Advisory Private Limited,
CEO of Centre of Excellence of Swarna Adarsh Abhiyaan
was one of the deserving recipients of the Golden Girl Award for 2024. This recognition has
come to her after 20 long years of service to the global bullion industry.

The event was also followed by 27 industry-related Shri Vipul Shah, Chairman, GJEPC
Awards for the best in best of the industry. UAE-India CEPA has been a success. In the last fiscal,
Shri Pramod Agrawal, Chairman, National Gem & the export of gold jewellery from India to the UAE has
Jewellery Council of India (NGJCI) increased by 52% to USD 5.6 billion.
-The Council has recommended that the customs duty
differential between gold dore and standard gold should Under the CEPA agreement, UAE has exempted the
be increased to 1.65% as against the current 0.65% entire customs duty (of 5%) on jewellery coming from
to bring domestic refiners on par with gold imported India. This is in exchange for a 1% concession in the
through TRQ under UAE-India CEPA import duty on gold bullion coming to India from UAE
subject to a quota of 200 tons in the fifth year. For 2023-
- Several rounds of discussions have happened with 24, it was 140 tons.
the stakeholders on bullion hallmarking. NGJCI will
soon compile a standard operating procedure (SOP). A GJEPC has submitted to the government to consider
two-phase approach has been conceived starting with reducing import duty on gold bullion from 15% to 4% to
accredited refineries. stop parallel trade and give a fillip to manufacturing and
exports of jewellery.
- NGJCI has submitted to the government that
stakeholder consultation is important prior to the signing Some of the new initiatives include the Mega common
of any new FTA agreements. FTA with Peru is under facility centre in SEEPZ and an upcoming jewellery park
consideration. The Council is sharing information with in Navi Mumbai.
the government on safeguards to be followed in so far as
Chapter 71 is concerned. Precious Metals mining provides a new opportunity for

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