Gem & Jewellery Export Promotion Council (GJEPC) on Tuesday said that the Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry had decided to put in abeyance the changes in maximum permissible wastage norms for gold, platinum, and silver content in jewellery exports.
“In a virtual meeting called at a short notice on May 28, GJEPC played an active role in advocating for a balanced approach that enables minimal disruption to exports and considers both efficiency and the livelihoods of millions associated with the trade,” the apex trade body said in a statement.
“In the meeting, GJEPC informed DGFT officials that the revised norms would have a disproportionate impact on the small and medium-sized enterprises (MSMEs), which represent 85% of all exporters,” it added.
GJEPC said that it has been given time until 31st July by DGFT to provide inputs on Standard Input Output Norms (SION).
In this time period, GJEPC will conduct a detailed study on wastage norms on different categories of jewellery including plain, studded, machine-made and hand-made.
Vipul Shah, Chairman, GJEPC, said: “The industry’s growth and competitiveness depend on thoughtful policies. We appreciate the DGFT’s prompt action to put the new wastage policy in abeyance considering its impact on small exporters.”
“The norms have been prevailing for over a decade, and any significant change requires thorough study and consultation with industry stakeholders,” he said.
“By putting the revised wastage norms on hold till 31st July to provide detailed inputs on wastage in various jewellery categories, DGFT through its immediate action, has avoided an immediate standstill of exports,” he further said.
