GOLD NEWS

Revised Wastage Norms for Gold, Silver Jewellery Exports

Thu Aug 29 2024

The government on Thursday proposed revised norms related to permissible amount of wastage with regard to export of gold, silver and platinum jewellery. The Directorate General of Foreign Trade (DGFT) in a communication asked the trade and Industry to submit their inputs/comments within seven days from the date of issuance of this trade notice to the norms committee.

"This directorate is proposing revised wastage norms for gold/platinum/silver jewellery-based on the industry visits in different units/locations," it said.

Earlier in May, the government had tightened these norms, over which the industry raised their serious concerns. After that, the DGFT put those norms on hold first till July 31 and then till September 15.

The gems and jewellery exporters had alleged that they were not consulted before taking this decision.

Standard input-output norms (SION) are rules that define the amount of input/inputs required to manufacture a unit of output for export purposes.

Source: https://money.rediff.com/