The Indian government has issued guidelines on hallmark exemptions for gold jewelry and artifacts, in response to protests from industry leaders over the relaxation of trade and export practices for gold jewelry.
India is one of the largest diamond and jewelry producing and exporting countries in the world, estimated at around $ 40 billion, at pre-COVID-19 levels.
The ordinance, issued by the Bureau of Indian Standards (BIS) on December 24, covered gold jewelry destined for international exhibitions, domestic government-approved business-to-business exchanges, and gold coins destined for export and trade. re-importation in accordance with its foreign trade policy. Politics.
The guidelines also covered three locally recognized specialty jewelry designs and techniques – Kundan, Polki and Jadaau.
However, “full cut” diamond jewelry is not covered by the exemption amendment.
According to Colin Shah, Chairman of the Gem & Jewelery Export Promotion Council, “The new BIS guidelines will harmonize the punching policy with the FTP and also ensure the ease of doing business for exporters, as punching is an Indian consumer specific regulation. and exporters must comply with the stamping regulations of the country to which the goods are exported.
He explained that the changes to the hallmark policy will strengthen India’s gold jewelry trade and boost exports in the coming year.
“We are deeply grateful to the government which has been extremely aware of our demands and has always spurred our growth in the achievement of Atmanirbhar Bharat. [self-reliant nation] dream, ”Shah said.
The policy change is also expected to help meet the industry’s 2021-2022 export target of $ 41.75 billion (AU 57.74 billion).
Hallmarking of gold has been mandated in India, like the UK and jewelry producing countries, to determine provenance and instill confidence in jewelry consumers.
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