Gems & Jewellery Scheme
Gems & Jewellery scheme is governed by relevant chapter 4 of Foreign Trade Policy. Exporters of gems and jewellery can import / procure duty free input for manufacture of export products. Broadly gold jewellery, silver jewellery,
platinum jewellery, if exported, would be eligible. Minimum value additions are prescribed for such exports. Year-wise export data for Gems and Jewellery Sector as given below:-
The various schemes available to the exporters available are
- Advance Procurement / Replenishment of Precious Metals from Nominated Agencies;
- Replenishment Authorisation for Gems;
- Replenishment Authorisation for Consumables;
- Advance Authorisation for Precious Metals.
Besides above schemes certain agencies are permitted to import diamonds to their laboratories without any import duty for the purpose of certification / grading reports, with a condition that the same should be re-exported with the certification / grading reports, as per the procedure laid down in Hand Book of Procedures. Also export of cut & polished diamonds for certification / grading with re-import facility at zero duty is also allowed.
Nominated agencies and their associates, with approval of Department of Commerce and Gem & Jewellery Export Promotion Council (GJEPC), may export gold / silver / platinum jewellery and articles thereof for exhibitions abroad.
- Private / Public Bonded Warehouses has been allowed to be set up in SEZ/DTA for import and re-export of cut and polished diamonds, cut and polished coloured gemstones, uncut & unset precious & semi-precious stones, subject to achievement of minimum value addition of 5% by DTA units.
- The Central Board of Indirect Taxes and Customs (CBIC), DoR through its Directorates and field formations, is responsible for collection of revenue, border control and certain trade facilitation measures. The Director
General of Foreign Trade (DGFT)/Department of Commerce (DoC) monitors the transaction cost issues and implements various Export promotion schemes for the sector. Gems & Jewellery Export Promotion Council
(GJEPC) under the DoC is an apex body to facilitate this sector.
- Reserve Bank of India (RBI) is responsible for regulating the foreign exchange, an important ingredient for international trade. RBI issues various Master Circulars on EXIM policies and gold import from time to time.