There is a latest news regarding the export of gold and silver jewelery. The Directorate General of Foreign Trade (DGFT) said on Monday that the new norms related to the acceptable residual quantity for gold, silver and platinum content in jewelery exports will remain suspended till August 31, 2024. According to the news of Bhasha, DGFT said in a public notice that this decision has been taken on the request of the Gem and Jewelry Export Promotion Council (GJEPC). Earlier in May, these norms were suspended till July. But now it has been extended for another month.
The norms that were in place before the issuance of the May 27 notice will continue to apply
According to the news, DGFT said that the public notice dated May 27 has been postponed till August 31, 2024 on the request of GJPEC. In the interim period, the residual norms existing before the issuance of the notice of May 27 will remain applicable. This step has been taken at a time when the industry has raised concerns over the revised norms related to the acceptable amount of waste and standards of input and output in relation to the export of gold and silver jewelery.
Exporting community had expressed concern
The export community had raised concerns after the Directorate General of Foreign Trade issued a public notice on May 27 tightening the norms. The input-output norms apply to electronics, engineering, chemicals, food products, fish and marine products, handicrafts, plastics and leather products. According to a report, India’s latest total gross exports of gems and jewellery for the period April to May 2024 stood at US$ 4691.58 million (Rs 39123.07 crore), showing an excellent performance. The ability of the sector to maintain such significant figures amid global economic fluctuations underlines its stability and adaptability.
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