30 May 2012

Gold and Jewellery Industry

The Government of India, at regular intervals, through Foreign Trade Policy and Union Budget, has announced various measures to develop gold and silver jewellery industry in the country. Some of the important measures include: 

(i) Introduction of duty drawback rates @ Rs 30.90/gm and Rs 1,545/kg for gold and silver jewellery exports respectively. 

(ii) Formation of Gem & Jewellery Skill Council of India (GJSCI) to enhance and upgrade various skills in gems and jewellery sector. 

(iii) Increase in the value limit of personal carriage from US$ 2 million to US$ 5 million in case of participation in overseas exhibitions. 

(iv) Increase in the number of days from 30 to 90 for re-import of unsold items in case of participation in an exhibition in USA. 

(v) Personal carriage of gold in primary form permitted upto 10 kgs in a financial year by an authorized person of Gem & Jewellery Units in EOU units subject to RBI and Customs guidelines. 

These measures would promote development of the gold and silver jewellery related industry in Andhra Pradesh also. 

This information was given by Shri Jyotiradiya M. Scindia, Minister of State for Commerce & Industry in written reply to a question in Lok Sabha 

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