back to top
IndiaGovt puts on hold new wastage norms for gold, silver jewellery exports...

Govt puts on hold new wastage norms for gold, silver jewellery exports till July 31

Date:

New Delhi, May 28: The government on Tuesday put on hold the new norms for permissible wastage amount for gold, silver and platinum content in jewellery exports until July 31, 2024, just a day after the notification after the gems and jewellery industry raised serious concerns on the new standards.

The government on Monday notified revised norms related to the permissible amount of wastage and standard input output with regard to the export of gold and silver jewellery. The industry claimed that the norms were notified without any consultation.

The Directorate General of Foreign Trade (DGFT) on Tuesday said that now keeping in view the representation of the Gem and Jewellery Export Promotion Council highlighting the difficulties to their sector from the revised norms, another opportunity will be given to the industry for submission of their views.

The DGFT said that the industry and the council can provide information/data to the concerned norms committee within one month.

“Accordingly DGFT…hereby places the Public Notice…dated May 27, 2024 in abeyance up to July 31, 2024 with immediate effect,” a public notice by the directorate said.

For the interim period, wastage norms as existed prior to the issuance of the May 27 notice stand restored.

The DGFT said that the industry consultations on the subject had been held on March 5 and 21 this year.

On May 27, the DGFT in a public notice tightened these norms, following which the exporting community flagged its concerns over it.

The industry would have to submit data on manufacturing workflow and justification for process wastage and recovery at different stages of jewellery making.

An industry official said that the revised wastage norms were drastically reduced, which could have impacted the sector’s exports of plain and studded jewellery.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

Share post:

Popular

More like this
Related

Nine in 10 professionals in India face learning barriers due to work, family pressure: LinkedIn

NL Corresspondent New Delhi: Notwithstanding the fact that a significant...

9th GES to be a gateway for Indian FinTech Companies to gain the spotlight

NL Corresspondent Mumbai (Maharashtra): India has emerged as one of...

Internet services suspended for 48 hours in Balasore town, curfew extended indefinitely

Balasore, Jun 18: The Odisha government suspended internet services...

Defence Ministry issues RFP for procurement of 156 light combat helicopters

New Delhi, Jun 18: The defence ministry has started...