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.
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.
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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