The Directorate General of Foreign (DGFT) has put on hold its recent decision on changes in maximum permissible wastage norms for gold, platinum, and silver content in jewellery exports, according to a media release issued by Gem & Jewellery Export Promotion Council (GJEPC) on Tuesday.
In a virtual meeting on 28th May GJEPC urged DGFT for a balanced approach that enables minimal disruption to exports and considers both efficiency and the livelihoods of millions associated with the trade. In the meeting, GJEPC informed DGFT officials that the revised norms would have a disproportionate impact on the small and medium-sized enterprises (MSMEs), which represent 85% of all exporters.
DGFT has given GJEPC time until 31st July to provide inputs on Standard Input Output Norms (SION). In this time period, GJEPC will conduct a detailed study on wastage norms on different categories of jewellery including plain, studded, machine-made and hand-made.
Vipul Shah, chairman, GJEPC, said: “The industry’s growth and competitiveness depend on thoughtful policies. We appreciate the DGFT’s prompt action to put the new wastage policy in abeyance considering its impact on small exporters. The norms have been prevailing for over a decade, and any significant change requires thorough study and consultation with industry stakeholders.”
“By putting the revised wastage norms on hold till 31st July to provide detailed inputs on wastage in various jewellery categories, DGFT through its immediate action, has avoided an immediate standstill of exports,” he added.
