Jewellery Export Norms Put On Hold Until August 2024
The Directorate General of Foreign Trade (DGFT) has announced that new norms for permissible wastage amounts in gold, silver, and platinum jewellery exports are now in abeyance until August 31, 2024, following requests from the Gems and Jewellery Export Promotion Council (GJEPC). The norms were initially paused in May and extended slightly after industry concerns.
The Directorate General of Foreign Trade (DGFT) has extended the abeyance of new norms for permissible wastage in gold, silver, and platinum jewellery exports until August 31, 2024. This decision follows requests from the Gems and Jewellery Export Promotion Council (GJEPC).
Initially put on hold in May, the norms were set to be re-evaluated in July but were extended for another month. The exporting community raised alarms over the government's revised standards concerning wastage and standard input-output norms (SIONs) in precious metal exports.
The public notice issued on May 27, which initially tightened these norms, is now in abeyance. During this interim period, the previous wastage norms will be restored. SIONs are crucial for defining the input requirements for manufacturing export-ready units for several product categories.
Source: https://www.devdiscourse.com/