Gems and Jewellery sector get a breather from DGFT
The Dollar Business Bureau
The recent DGFT notification gives a breather to all those who had participated in gems and jewellery exhibitions during 22nd July 2013 to 14 Feb 2014.
The DGFT Public Notice No.29/2015-2020 dated 08/09/2016 says: Amendments in paragraph 4A.21 of Hand Book of Procedures 2009-14 for export of Gems and Jewellery products manufactured from gold during the period 22.07.2013 to 14.02.2014 in terms of paragraph 4A.18 of Handbook of Procedures 2009-14 as one-time exemption to claim replenishment of Gold, within 120 days of issuance of the notice.
This sends a positive note to those exporting houses who had participated in exhibitions during the period given above.
Whereas the RBI Circulars from 22.07.2013 to 14.02.2013 has not provided provisions to claim replenishment of gold in respect of export of Gems and Jewellery products manufactured from gold, by participation in the exhibitions abroad or claiming gold in cases where gold was booked by payment of minimum 20% with Nominated Agency subject to adjustment at time of actual sale.
All such exporters have been provided one-time facility to claim replenishment of gold within 120 days from the date of issuance of this Public Notice subject to fulfilment of all other conditions of the FTP and HBP 2009-14.
A local jewellery exporting house in Hyderabad, Amar Exports in response to the notification said they are happy that the Govt is taking right steps to help jewellers, especially the smaller ones that export ornamental jewellery for taking part in exhibitions outside India.
