Government Revises Gold, Silver, and Platinum Jewellery Export Wastage Norms

The government has proposed revised norms concerning the permissible wastage amounts for gold, silver, and platinum jewellery exports. The Directorate General of Foreign Trade (DGFT) has invited comments from the trade and industry within seven days. These revisions come after industry concerns over previously tightened norms in May.

The government on Thursday proposed revised norms related to the permissible amount of wastage for the export of gold, silver, and platinum jewellery.

The Directorate General of Foreign Trade (DGFT) has requested the trade and industry to submit their feedback within seven days from the issuance of the trade notice to the norms committee.

'This directorate is proposing revised wastage norms for gold, platinum, and silver jewellery based on visits to various industry units and locations,' the DGFT stated.

In May, the government tightened these norms, leading to significant concerns from the industry. Consequently, the DGFT put those norms on hold, extending the pause initially till July 31 and then till September 15.

Gems and jewellery exporters claimed they were not consulted before the decision was made. Standard input-output norms (SION), which dictate the amount of input needed to produce a unit of output for export, are applicable to products such as electronics, engineering, chemicals, food including fish and marine products, handicrafts, plastic, and leather products.

(With inputs from agencies.)