New Wastage Norms For Gold, Silver Jewelery Exports On Hold Till Aug 31 | Economy News

New Delhi: The new norms for permissible wastage amount for gold, silver and platinum content in jewelery exports will now be in obedience till August 31, 2024, according to DGFT.

The decision was taken on the request of the Gems and Jewelery Export Promotion Council (GJEPC), DGFT said in a public notice. In May, the norms were put on hold till July this year. After GJEPC’s request, the hold period was extended by one more month till August.

This was done after the industry raised concerns over the government’s revised norms related to the permissible amount of wastage and standard input output about the export of gold and silver jewellery.

The public notice dated May 27 is kept in “abeyance till August 31, 2024 for the reassessment of permissible wastages and SIONs as per request of GJEPC,” Directorate General of Foreign Trade (DGFT) said.

For the interim period, wastage norms as existed prior to the issuance of the May 27 notice stand were restored. On May 27, DGFT issued a public notice tightening these norms, following which the exporting community flagged its concerns.

Standard input-output norms (SION) are rules that define the amount of inputs required to manufacture a unit of output for export purposes. Input-output norms are applicable for products such as electronics, engineering, chemical, food products, including fish and marine products, handicraft, plastic and leather products.