India tightens permissible wastage norms for jewellery export
Mon May 27 2024
India on Monday tightened the permissible wastage amount for gold, platinum, and silver content in various categories of exports of jewellery items manufactured by mechanised or non-mechanised processes.
In a notification, the Directorate General of Foreign Trade (DGFT) amended the percentage of wastage by weight in export of plain jewellery to 0.5% for gold and platinum from 2.5% earlier and in studded jewellery to 0.75% from 5% before.
“The wastage permissible and Standard Input Output Norms under the Handbook of Procedures, 2023 with regard to export of jewellery has been revised,” the DGFT said. Weight of mountings and findings of gold or silver, if imported and used in export product, will not be included for determining net content of gold and silver in export product.
For medallions and coins (excluding coins of nature of legal tender), the permissible percentage is now 0.1% as against 0.2% earlier.
“The wastage norms for gold and silver jewellery are revised and reduced drastically which will affect small exporters,” said a gems and jewellery industry representative.
The DGFT also modified the Standard Input Output Norms (SION) for jewellery exports to specify the quantities of these precious metals allowed for import based on the type of jewellery being exported.
Source: https://economictimes.indiatimes.com/