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CBIC to form panel addressing grievances of gems and jewellery industry, ET Retail

<p>Representative image</p>
Representative image

The Central Board of Indirect Taxes and Customs (CBIC) is planning to set up a panel to look into the grievances of the gems and jewellery industry regarding customs clearances.

The industry has flagged several issues to the board with regard to lack of valuers, hand-carriage of gems and jewellery and the Remission of Duties or Taxes on Export Products (RoDTEP) scheme.

“Valuation is a problem, especially in the case of repaired jewellery, which leads to delays and disputes,” a senior customs official said on condition of anonymity, adding that a committee of officials will look into the issues.

The industry has also sought further simplification of the standard operating procedure for exports of jewellery consignments through courier as well as introduction of a modern risk management system.

The CBIC had issued a standard operating procedure for jewellery exports through courier on June 15. However, export consignments are facing difficulties with regard to documentation.

“We have concerns about certain procedures…. We have flagged them to customs authorities,” Anil Sankhwal, senior member of Gems and Jewellery Export Promotion Council, told ET.

The industry has also sought customs duty exemption for sawn diamond imports with the ban on import of rough diamonds from Russia by G7 countries coming into effect from January 1, 2024.

The gem and jewellery export during April–October stood at $18.60 billion, or 46% of the annual target, as per the Niryat portal.

The Industry had set a target of $40 billion for the current fiscal year.

Sankhwal said the proposed ban could present fresh challenges for the industry, which was already affected by the fall in demand from key markets such as the US and China.

He added that the industry is banking on demand for precious metals in middle east markets like the UAE which may help exporters to achieve shipments of $40 billion.

  • Published On Dec 13, 2023 at 11:28 AM IST

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