Government On Tuesday, the new norms for the amount of wastage allowed for gold, silver and platinum content in the export of jewelery have been banned till July 31, 2024. The notification for these norms was issued a day earlier. The gems and jewelery industry had raised serious concerns over the new standards. The government on Monday notified revised norms related to the acceptable amount of ‘wastage’ and standard raw materials and finished goods in respect of export of gold and silver jewelery.
Industry’s opinion will be taken
The industry claimed that the norms were notified without any consultation. The Directorate General of Foreign Trade (DGFT) on Tuesday said that now the opinion of the industry will be sought once again regarding the revised norms. The Directorate said that the opinion of the industry was taken on this subject on March 5 and March 21.
Ban imposed till 31 July
DGFT said that the industry and Gem and Jewellery Export Council can give their suggestions to the relevant norms committee within a month. The directorate said in a public notice, “As such, DGFT suspends the public notice dated May 27, 2024 with immediate effect till July 31, 2024.” In the meantime, the waste norms existing before the May 27 notice will continue to be applicable.
gold and silver price
In line with the strong global trend, the price of silver rose by Rs 3,100 to Rs 95,950 per kg in the bullion market of the national capital on Tuesday. While gold strengthened by Rs 130. According to HDFC Securities, silver strengthened for the second consecutive day. Its price jumped by Rs 3,100 to a two-week high of Rs 95,950 per kg. Meanwhile, gold strengthened by Rs 130 to Rs 72,950 per 10 grams. In the international market Comex (Commodity Market), spot gold was trading at $ 2,346 per ounce, which is two dollars more than the previous closing price.
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