GJEPC thanks DGFT for putting revised wastage norms on hold for jewellery industry

The Gem and Jewellery Export Promotion Council has thanked the Directorate General of Foreign Trade at the Ministry of Commerce and Industry for its abeyance on its revised maximum permissible wastage norms for gold, platinum, and silver content in jewellery exports.

“The industry’s growth and competitiveness depend on thoughtful policies,” said GJEPC chairman Vipul Shah, the GJEPC reported on its website. “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.”
 
The Directorate General of Foreign Trade held a virtual meeting on May 28 during which the GJEPC asked for a balanced approach to its policy revisions in order to cause minimal disruption to jewellery exports. The GJEPC stated that the revised wastage norma would disproportionately affect small and medium sized enterprises. In response, the DGFT gave the GJEPC until July 31 to provide its inputs on Standard Input Output Norms, before which the traders body will carry out a survey on wastage norms in different segments of the fine jewellery industry.
 
“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,” said Shah.