Will Work With Govt To Ensure Favourable Policies For Gem, Jewellery Sector: GJEPC

2024-11-05 11:30:13

(MENAFN- IANS) New Delhi, Nov 5 (IANS) After the government revised wastage norms for jewellery, effective from January 1 next year, the Gem and Jewellery Export Promotion Council (GJEPC) said on Tuesday it remains committed to safeguarding the interests of the gem and jewellery sector and will continue to work closely with the government to ensure favourable policies for the industry.

The Directorate General of Foreign Trade (DGFT) has revised wastage norms and standard input output norms (SIONs) for jewellery. The updated rates will take effect from January 1, 2025. During the interim period, the prior norms will remain in effect until December 31, 2024.

The wastage norms are the permissible amount of gold or silver that can be lost during the manufacturing process of jewellery for export.

DGFT had reduced the wastage norms drastically across all jewellery categories via a public notice.

Recognising the impact of these drastic reductions, the Council promptly convened a stakeholder meeting with DGFT officials on the same day, requesting an opportunity to present corroborative data on manufacturing workflows.

As a result, the implementation of the previously issued notice was periodically deferred.

The Council conducted a nationwide survey, collected and analysed data as received from 160 exporters and manufacturers which was in line with the existing process loss norms as outlined in the Handbook of Procedures 2023.

Following GJEPC's research and a series of discussions with DGFT officials, both requests have been approved as practical adjustments have been made to the previous wastage norms.

“The notification also details revisions to SIONs, which specify the amount of raw materials permitted for a specific quantity of finished jewellery. The revised norms aim to balance efficient metal utilisation with the realities of jewellery manufacturing processes, particularly benefiting traditional artisans,” said GJEPC.

GJEPC is encouraging its members to review the detailed amendments and prepare for the upcoming changes.

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