The government has relaxed norms for exports of select items, such as push backs and locks, used in jewellery-making. Certain norms of the foreign trade policy is amended to “allow export of findings like posts, push backs, locks which help in collating the jewellery pieces together, containing gold of three carats, and above, up to a maximum limit of 22 carats only from domestic tariff area and EOU/EHTP/STP/BTP units,” the directorate general of foreign trade (DGFT) said in a notification.
Earlier, exports of any kind of gold jewellery or related items containing gold of 8 carats, and above, up to a maximum limit of 22 carats were permitted.
But these exports are not allowed from special economic zones.
Export Oriented Unit (EOU) Scheme, Electronics Hardware Technology Park (EHTP) Scheme, Software Technology Park (STP) Scheme or Bio-Technology Park (BTP) are programmes to promote exports.
The country’s gems and jewellery exports contracted by 0.75 per cent to USD 13.18 billion in April-August this fiscal.
The labour-intensive sector contributes about 14 per cent to the country’s overall exports.
India’s main export destinations are the US, Europe, Japan, and China. America accounts for about one-fourth of the country’s total gems and jewellery exports.