This decision, welcomed by the Gem & Jewellery Export Promotion Council (GJEPC), comes after active advocacy and discussions aimed at protecting the interests of small and medium-sized enterprises (SMEs) within the sector.
In a significant development for the gem and jewellery industry, the Directorate General of Foreign Trade (DGFT) has decided to temporarily suspend the revised wastage norms for gold, platinum, and silver content in jewellery exports
The Gem & Jewellery Export Promotion Council (GJEPC) extends its sincere gratitude to the Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry, for their recent decision to suspend the changes in maximum permissible wastage norms for gold, platinum, and silver content in jewellery exports.
In a virtual meeting called on short notice on May 28th, GJEPC played a pivotal role in advocating for a balanced approach that minimizes disruption to exports and considers both efficiency and the livelihoods of millions in the trade. GJEPC highlighted to DGFT officials that the revised norms would disproportionately impact small and medium-sized enterprises (SMEs), which comprise 85% of all exporters.
DGFT has granted GJEPC until July 31st to provide inputs on Standard Input Output Norms (SION). During this period, GJEPC will conduct a comprehensive study on wastage norms across various jewellery categories, including plain, studded, machine-made, and hand-made.
Expressing gratitude to DGFT for suspending the revised wastage norms, Vipul Shah, Chairman of GJEPC, stated: “The industry’s growth and competitiveness depend on thoughtful policies. We appreciate DGFT’s prompt action to put the new wastage policy in abeyance, considering its impact on small exporters. These norms have been in place for over a decade, and any significant change requires thorough study and consultation with industry stakeholders.”
“By holding off on the revised wastage norms until July 31st to allow for detailed input on wastage in various jewellery categories, DGFT has averted an immediate standstill in exports,” he added.
