Wednesday, June 5, 2024
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DGFT Suspends Revised Wastage Norms for Gem & Jewellery Exports

The Directorate General of Foreign Trade (DGFT) has temporarily suspended the revised wastage norms for gold, platinum, and silver content in jewellery exports, a move welcomed by the Gem & Jewellery Export Promotion Council (GJEPC). This decision follows active advocacy and discussions aimed at protecting the interests of small and medium-sized enterprises (SMEs) in the sector.

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The suspension, announced after a virtual meeting on May 28th, is seen as a significant development for the gem and jewellery industry. The GJEPC played a pivotal role in advocating for a balanced approach that minimizes disruption to exports and considers both efficiency and the livelihoods of millions in the trade. They highlighted that the revised norms would disproportionately impact SMEs, which make up 85% of all exporters.

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DGFT has given GJEPC until July 31st to provide inputs on Standard Input Output Norms (SION). During this period, GJEPC will conduct a comprehensive study on wastage norms across various jewellery categories, including plain, studded, machine-made, and hand-made items.

Vipul Shah, Chairman of GJEPC, expressed gratitude to DGFT for the suspension. “The industry’s growth and competitiveness depend on thoughtful policies. We appreciate DGFT’s prompt action to put the new wastage policy in abeyance, considering its impact on small exporters. These norms have been in place for over a decade, and any significant change requires thorough study and consultation with industry stakeholders.”

By delaying the implementation of the revised wastage norms until July 31st, DGFT has averted an immediate standstill in exports, allowing for detailed input on wastage in various jewellery categories.

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Alice
Alice
Alice is a seasoned jewelry designer renowned for her exquisite creations that seamlessly blend artistry with elegance. With a passion for craftsmanship and an unwavering commitment to quality, Alice has established herself as a distinguished figure in the world of fine jewelry. Drawing inspiration from diverse cultures and artistic movements, Alice brings a unique perspective to her designs, creating pieces that transcend mere accessories to become timeless works of art. Her meticulous attention to detail and insistence on using only the finest materials ensure that each creation reflects not only her artistic vision but also a commitment to unparalleled craftsmanship. Having honed her skills through years of dedicated practice and a keen understanding of evolving trends, Alice is adept at translating her clients' desires into bespoke, one-of-a-kind pieces. Her portfolio encompasses a range of styles, from classic and timeless to avant-garde and contemporary, showcasing her versatility and ability to cater to a diverse clientele.

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