Gold jewellery exporters welcome government decision to exempt category from mandatory hallmarking
Gold jewellery exporters including the Gem and Jewellery Export Promotion Council have welcomed the government decision to exempt the category from mandatory hallmarking, which came into effect on June 16.
“I would like to thank Shri Piyush Goyal for accepting the recommendations put forth by GJEPC in the mandatory hallmarking scheme coming into effect from 16th June, 2021,” said GJEPC chairman Colin Shah, the GJEPC reported on its website.
“This has come as a major relief for the jewellery manufacturers as jewellery exports are now exempted from the hallmarking scheme. In a welcome move, Kundan, Polki and Jadau jewellery along with export and re-import of jewellery as per the Trade Policy of Government of India, Jewellery for International Exhibitions, and Jewellery for Government-approved B2B Domestic Exhibitions are also exempted from mandatory hallmarking. This is a welcome step towards ease of doing business.”
The GJEPC also welcomed the move to exempt small jewellery businesses with an annual turnover of under Rs 40 lakh ($54,238) from mandatory hallmarking. Along with jewellery for export, gold jewellery made to be sold at local business-to-business trade shows designed to boost exports will also be exempt along with jewellery intended for export activities as per following that are permitted under Foreign Trade Policy.
“The jewellery exporters are thankful to the government for accepting its recommendation and exempting jewellery meant for exports out of hallmarking,” said GJEPC Gold Jewellery Panel convenor, K Srinivasan.
“As Indian hallmarked articles do not have acceptance outside India, any legal interpretation that requires an exporter to comply with the hallmarking provisions wholly or partially, would have increased the transaction costs in the export stream, making gem and jewellery exports unviable.”
Copyright © 2021 FashionNetwork.com All rights reserved.