{"id":8036,"date":"2024-03-28T06:08:51","date_gmt":"2024-03-28T06:08:51","guid":{"rendered":"https:\/\/jewellerynewsindia.com\/?p=8036"},"modified":"2024-03-28T06:09:17","modified_gmt":"2024-03-28T06:09:17","slug":"exporting-jewellery-made-out-of-duty-paid","status":"publish","type":"post","link":"https:\/\/jewellerynewsindia.com\/index.php\/2024\/03\/28\/exporting-jewellery-made-out-of-duty-paid\/","title":{"rendered":"Exporting jewellery made out of duty-paid"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full is-resized has-custom-border\"><img fetchpriority=\"high\" decoding=\"async\" width=\"600\" height=\"404\" src=\"https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2024\/03\/3-2.jpg\" alt=\"\" class=\"wp-image-8038\" style=\"border-width:3px;border-radius:5px;width:532px;height:auto\" srcset=\"https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2024\/03\/3-2.jpg 600w, https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2024\/03\/3-2-300x202.jpg 300w, https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2024\/03\/3-2-200x135.jpg 200w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>Recently <a href=\"https:\/\/gjepc.org\/coa.php\" target=\"_blank\" rel=\"noreferrer noopener\">Pankaj Parekh, Regional Chairman \u2013 Eastern Region, Gem &amp; Jewellery Export Promotion Council<\/a>, said about, \u2018Replacing the Duty Drawback Scheme with Remission of Rates and Taxes!\u2019 He said, exporting gold jewellery made out of duty-paid gold and claiming duty drawback is not commercially viable, as the drawback duty rates are always lower than the rate paid while importing.<\/p>\n\n\n\n<p>The rates of duty drawback are revised and fixed for a period of six months, which does not work well for a commodity like gold whose price is usually quite volatile. In addition, nominated agencies do not supply duty-free gold to small exporters who want to service overseas orders, which prevents newer players from entering this space.<\/p>\n\n\n\n<p>Over a period of time, the <a href=\"https:\/\/gjepc.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">GJEPC<\/a> has seen a drop in the number of companies exporting gold jewellery under the Micro, Small and Medium Enterprises (MSME) category, which has impacted exports from Domestic Tariff Areas (DTAs). The loss suffered on account of an insufficient duty drawback is also very high. The present duty drawback does not recognise this peculiarity.<\/p>\n\n\n\n<p>Marketing-related measures It is a well-accepted fact within the Indian industry that to secure a greater share of jewellery exports the need for sustained and vigorous marketing of Indian jewellery is paramount. Though the <a href=\"https:\/\/gjepc.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">GJEPC<\/a> is mandated to promote Indian jewellery overseas, its activities are centred on holding B2B exhibitions in India or overseas markets and inviting or sending trade delegations. There is also a need to target consumers in overseas markets with better publicity through those avenues that are available today. Unfortunately, this is an extremely expensive proposition and the <a href=\"https:\/\/gjepc.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">GJEPC<\/a> alone cannot garner sufficient resources for B2C publicity. It is therefore recommended that the government should consider supporting the industry to facilitate B2C events.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently Pankaj Parekh, Regional Chairman \u2013 Eastern Region, Gem &amp; Jewellery Export Promotion Council, said about, \u2018Replacing the Duty Drawback Scheme with Remission of Rates and Taxes!\u2019 He said, exporting gold jewellery made out of duty-paid gold and claiming duty drawback is not commercially viable, as the drawback duty rates are always lower than the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Exporting jewellery made out of duty-paid - JNI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jewellerynewsindia.com\/index.php\/2024\/03\/28\/exporting-jewellery-made-out-of-duty-paid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exporting jewellery made out of 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href=\"https:\/\/jewellerynewsindia.com\/index.php\/uncategorized\/\" rel=\"category tag\">Uncategorized<\/a>","rttpg_excerpt":"Recently Pankaj Parekh, Regional Chairman \u2013 Eastern Region, Gem &amp; Jewellery Export Promotion Council, said about, \u2018Replacing the Duty Drawback Scheme with Remission of Rates and Taxes!\u2019 He said, exporting gold jewellery made out of duty-paid gold and claiming duty drawback is not commercially viable, as the drawback duty rates are always lower than 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