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6. GEM AND JEWELLERY EXPORTS
Foreign Trade Policy 2004-09- Annual Supplement 2005
a. Entitlement for Duty Free imports of Gems and Jewellery samples have been enhanced to Rs. 3 lakhs in a financial year or 0.25% of the average of the last three years exports turnover or gems and jewellery items, whichever is lower. Earlier this limit was Rs. 1 lakh.
b. Supply of gold of 0.995 and above purity shall also be allowed for release by nominated agencies for export purposes. Earlier this facility was only available for supply of gold in the domestic market.
c. The notional rate for fixing the US $ rate for calculating gold jewellery exports shall now be based on a certificate which is not older than 7 working days from the date of shipping. The present provisions mandated that the notional rate certificate issued by the nominated agency should not be older than 3 working days.
d. Exporters of plain/studded/precious metal jewellery will be allowed to import plain/studded/precious metal jewellery (Gold jewellery of 18 carat and below/platinum and sterling silver jewellery) for the purposes of exports.
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