DGFT Gives GJEPC Time Until 31st July to Provide Inputs on Standard Input Output Norms (SION)
Bengaluru, May 29, 2024: On behalf of the industry, the Gem & Jewlery Export Promotion Council (GJEPC) extends its heartfelt appreciation to the Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry for their recent decision to put in abeyance the changes in maximum permissible wastage norms for gold, platinum, and silver content in jewellery exports.
In a virtual meeting called at a short notice on 28th May, GJEPC played an active role in advocating for a balanced approach that enables minimal disruption to exports and considers both efficiency and the livelihoods of millions associated with the trade. In the meeting, GJEPC informed DGFT officials that the revised norms would have a disproportionate impact on the small and medium-sized enterprises (MSMEs), which represent 85% of all exporters.
DGFT has given GJEPC time until 31st July to provide inputs on Standard Input Output Norms (SION). In this time period, GJEPC will conduct a detailed study on wastage norms on different categories of jewellery including plain, studded, machine-made and hand-made.
Thanking DGFT for putting on hold the revised wastage norms, Mr. Vipul Shah, Chairman, GJEPC, said: “The industry’s growth and competitiveness depend on thoughtful policies. 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.”
