Gems and Jewellery Industry

By: EconomyWatch   Date: 30 June 2010

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The exports of gems and jewellery registered a upbeat growth of per cent in dollar terms during April - September 2004- 05.

In 2003-04 the exports of this sector increased by 16.8 per cent and crossed a level of US$10.5 billion. This is a particularly interesting industry from an Indian standpoint, since it involves imported raw materials, domestic value added, and global markets and provides skilled employment. Indian gems firms are tightly integrated into global production chains.

In order to give a boost to exports of gems and jewellery, Government took major policy initiatives during 2004-05.

  • lowering import duty on platinum from Rs.550 per 10 gms to Rs.200
  • exempting rough coloured precious gems stones from customs duty at the first stage itself instead of claiming reimbursements later.
  • Rough semi precious stones are already exempt aimed to further increase the exports of studded jewellery and platinum jewellery.

The policies for this sector announced in the Foreign Trade Policy include:

  • duty free import of consumables for metals other than gold and platinum up to 2 per cent of f.o.b. value of exports
  • duty free re import entitlement for rejected jewellery up to 2 per cent of f.o.b. value of exports
  • increased duty free import of commercial samples of jewellery to Rs.1 lakh
  • import of gold of 18 carat and above under the replenishment scheme.

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