New Delhi, Apr 7 (UNI) Providing a fillip to the Gems&Jewellery sector, the Government today allowed exporters to import precious metal scrap for export and also reduced the value-addition norm for importing gold and silver for re-export to 4.5 per cent from 7 per cent.
''Because of a rich tradition of craftsmanship, enterprise and availability of skilled, low cost manpower, India has the potential to become an international hub for gems and jewellery,'' Commerce and Industry Minister Kamal Nath said while releasing the annual supplement to the Foreign Trade Policy for 04-09.
''The diamond trade, which was concentrated in Antwerp, is moving out - to Dubai, to Tel Aviv. I want Mumbai be right up there, and not lose out to its fellow Asian cities,'' he added.
Exporters have also been allowed to re-import the rejected precious metal jewellery subject to refund of duty exemption benefits on the inputs only, and not the duty on jewellery as was being done earlier.
The Minister said that exporters often face the dilemma of unsold jewellery in the foreign markets because of changing designs and other such factors.
''To overcome this problem, exporters will now, be allowed to export jewellery on a consignment basis,'' he said.
Gems and Jewellery exporters have also been allowed to export such items for treatment and subsequent re-import, within a period of 120 days.
UNI SR RA PM1358
''Because of a rich tradition of craftsmanship, enterprise and availability of skilled, low cost manpower, India has the potential to become an international hub for gems and jewellery,'' Commerce and Industry Minister Kamal Nath said while releasing the annual supplement to the Foreign Trade Policy for 04-09.
''The diamond trade, which was concentrated in Antwerp, is moving out - to Dubai, to Tel Aviv. I want Mumbai be right up there, and not lose out to its fellow Asian cities,'' he added.
Exporters have also been allowed to re-import the rejected precious metal jewellery subject to refund of duty exemption benefits on the inputs only, and not the duty on jewellery as was being done earlier.
The Minister said that exporters often face the dilemma of unsold jewellery in the foreign markets because of changing designs and other such factors.
''To overcome this problem, exporters will now, be allowed to export jewellery on a consignment basis,'' he said.
Gems and Jewellery exporters have also been allowed to export such items for treatment and subsequent re-import, within a period of 120 days.
UNI SR RA PM1358
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