Icegate to launch at GIFT City SEZ, a boon for India-UAE CEPA gold trade

By

Isabelle Crossley

Published
May 8, 2023

On May 10, the Indian Customs Electronic Data Interchange Gateway, named ‘Icegate’, will open an office at the Gujarat International Finance Tech-city Special Economic Zone. The launch is designed to boost jewellery trade under the India-UAE CEPA trade agreement. 

The launch of Icegate in GIFT City SEZ is designed to, “open up processes for exporters of jewellery to take advantage of competitive rates when importing gold through India International Bullion Exchange,” the Gem and Jewellery Export Promotion Council announced on its website. 
 
Icegate is the national portal of the Indian Customs of Central Board of Indirect Taxes and Customs and it provides e-filing services to trade, cargo carriers, and trading partners electronically. With its Gujarat launch, tariff rate quota holders under India-UAE CEPA will be able to import gold directly through the India International Bullion Exchange with ease and transparency.

“This is an extremely important step and we are thankful to the authorities who have informed that Icegate will go live from 10th May 2023 at GIFT City SEZ,” IIBX’s managing director and CEO Ashok Gautam told jewellery publication Solitaire. “This is a very welcome development from IIBX’s perspective, as it will enable the TRQ holders under India-UAE CEPA to import their gold directly through IIBX in a transparent, democratic manner with the ease of desktop convenience. Further, the Icegate coming at GIFT City SEZ will open up the processes for allowing exporters of jewellery to also take gold through IIBX at competitive rates.”
 
The government’s Ministry of Commerce and Industry had issued a Public Notice dated April 28 to announce the new tariff rate quota applications, open until May 7. The tariff rate quota falls under tariff head 7108 under the India-UAE Comprehensive Economic Partnership Agreement for the 2024 financial year and is designed to enable reduced duty rates to benefit traders and importers.