New Delhi: The government announced revised regulations on Monday concerning the permissible wastage and standard input-output for the export of gold and silver jewellery.
According to a public notice issued by the Directorate General of Foreign Trade, the permissible wastage and standard input-output norms for jewellery exports have been updated. These changes have left manufacturers disappointed, as per an industry official.
“The revisions have relaxed the wastage norms, which has left the manufacturers disheartened,” stated a representative from the gems and jewellery export council.
The industry expressed dissatisfaction, citing a lack of consultation before the decision was made. It was reported that the gems and jewellery sector was not consulted prior to the announcement.
The public notice specified that the weight of mountings and findings of gold or silver, if imported and utilized in export products, will not be considered when determining the net content of gold and silver in those products.
Standard input-output norms (SION) are regulations that dictate the amount of input required to manufacture a unit of output for export purposes. These norms apply to various sectors including electronics, engineering, chemicals, food products (including fish and marine products), handicrafts, plastics, and leather products.