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New Delhi: On Monday this week, the government issued a notification amending the input-output norms and wastage norms for export of gold and silver jewellery.
Now the government has informed in a new notification that the wasteage norms on the export of gold and silver jewelery have been stopped till July 31, 2024. This ban is applicable on platinum along with the prices of gold and silver.
The gems and jewellery industry has raised serious concerns over the new standards in the notification. The jewellery industry claims that the government did not consult the industry to amend these norms.
According to the Directorate General of Foreign Trade (DGFT), the industry has been given an opportunity to present its views on the problems faced by the jewellery sector due to the amendments being made by the government in the norms. This decision has been taken keeping in mind the representation of the Gems and Jewellery Export Promotion Council.
The industry and the council have one month to present their views. The industry and the council have to provide information/data to the relevant criteria committee within one month.
In its public notice, DGFT said that till then the public notice dated May 27, 2024 is suspended with immediate effect till July 31, 2024. The wastage norms prevailing till July 31 will remain in force.
However, DGFT said that consultations were held with the industry on March 5 and 21 this year. On May 27, 2024 (Monday), DGFT tightened these norms in a public notice, following which the exporting community expressed its concerns over the same.
Changes in input-output standards
According to a May 27 notice issued by DGFT, if gold or silver is imported and used in an export product, the weight of its mounting and useless parts will not be included in determining the net content of gold and silver.
As per the amendment in the input output norms, the wastage for plain gold and platinum jewellery by weight has been reduced from 2.5% to 0.5%. Similarly, the limit of wastage for studded jewellery i.e. solid jewellery has been reduced from 5% to 0.75%.
At the same time, the norms for wastage of medals and coins were reduced from 0.2 percent to 0.1 percent.
Let us tell you that Standard Input-Output Norms (SION) are rules that define the amount of input/inputs required to produce a unit of output for export purposes.
The input-output norms apply to products such as electronics, engineering, chemicals, food products including fish and marine products, handicrafts, plastics and leather products.
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