Condividiamo alcune notizie provenienti dagli Uffici Esteri dell’ICE.
INDIA RESTRICTS PRECIOUS METAL JEWELLERY IMPORTS
(ICE) – ROMA, 2 APR – In a move to curb imports of gold and other precious metal jewellery from Asean countries especially Thailand, the government Wednesday restricted their imports, which were “free” earlier. Jewellery studded with pearls, diamonds and other precious metals will now require a license to be imported except those units located in SEZs and Export Oriented Units provided such imported goods are not sold into the Domestic Tarifff Area, the Directorate General of Foreign Trade said.
In February, the government had restricted the imports of certain articles of platinum to curb illicit platinum blended with significant amounts of gold.
“The import policy as amended above shall come into force with immediate effect and shall apply irrespective of any prior contract, irrevocable letter of credit, advance payment, or shipment status,” DGFT said in a notification.
Last year, the government imposed import restrictions on platinum alloy with less than 99% purity to curb illicit imports of this precious metal blended with significant amounts of gold to exploit the tariff differential between gold and platinum
“With this, all gold, silver and platinum jewellery imports are restricted. All loopholes due to zero duty imports from Asean under the free trade pact are now under license,” said an industry representative
The most favoured nation duty on these goods is 20% and under the trade pact with the UAE, it is 17%, However, these products are imported duty-free from the 10-member Asean
Read more at:
https://economictimes.indiatimes.com//industry/cons-products/fashion-/-cosmetics-/-jewellery/india-restricts-precious-metal-jewellery-imports/articleshow/129957921.cms
(ICE MUMBAI)
GOVT EASES COMPLIANCE REQUIREMENTS FOR GEMS & JEWELLERY TRADE
(ICE) – ROMA, 1 APR – In view of the prevailing geopolitical developments affecting global trade and logistics, the government Monday announced a one-time procedural relaxation for the gems and jewellery sector under which the re-export period for imported diamonds sent for certification/grading has been extended to 120 days from 90 days.
The government has also extended by 30 days the period for re-import of gems and jewellery exported for holding or participating in overseas exhibitions, over and above the existing applicable period.
The export period in cases of supply by Foreign Buyer has also been extended to 120 days from 90 days, according to the Directorate General of Foreign Trade.
The measure aims to support exporters by easing compliance requirements and addressing operational difficulties due to the ongoing conflict in West Asia.
The export period under replenishment basis, outright purchase basis and loan basis has also been increased.
“These relaxations are expected to provide timely support to the sector by reducing procedural stress on exporters, facilitating smoother completion of export-related transactions, and helping address delays in movement of consignments arising from the current global situation,” the commerce and industry ministry said.
The additional time is expected to support business continuity and provide greater certainty to trade.
The government also clarified that exporters will not be required to file any separate application, nor will any amendment, endorsement or composition fee be payable for availing this one-time relief. Customs authorities have been advised to allow the corresponding export/import transactions, as applicable, subject to verification of relevant details.
Read more at:
https://economictimes.indiatimes.com//industry/cons-products/fashion-/-cosmetics-/-jewellery/govt-eases-compliance-requirements-for-gems-jewellery-trade/articleshow/129904869.cms
(ICE MUMBAI)
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