Duty-free replenishment for jewellery exporters
Much to the industry’s relief, the government has again permitted gold and silver jewellery exporters to replenish the precious metal duty free after selling it at global exhibitions. “It is the re-introduction of the replenishment scheme for gold and silver on goods exported/sold in overseas exhibition”, stated a source from the Gems and Jewellery Export Promotion Council of India.
This measure, which had been discontinued following the implementation of the goods and services tax (GST), is indubitably going to help the industry grow. The gems and jewellery sector has not been performing well recently as exports dipped by 8.5% during the April-July 2019 period to US$ 9.7 billion.