GOLD SILVER JEWELLERY EXPORTS - Govt puts on hold new norms for permissible wastage till July 31

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.

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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.