Indian Jewelry Shipment to Come Down in Current Financial Year
Jeweler | 2014-07-02 05:54:13
While Indian finance ministry of India is unlikely to lift gold import duty, the gold jewelry export in the country is likely to decline in the current financial year.
By Paul Ploumis
NEW DELHI (Scrap Monster): While Indian finance ministry of India is unlikely to lift gold import duty, the gold jewelry export in the country is likely to decline in the current financial year.
Gems and Jewellery Export Promotion Council (GJEPC) has asked to the finance ministry for an explanation over the gold import policy and gems and jewelry industry rules.
The Union Finance ministry has not replied yet on the gold import's 80:20 rule, which allows only nominated agencies to import gold on the condition that 20 per cent of the imported shipment will be exported.
In 2013-14, India exported USD 7.86 billion of gold jewellery, a turn down of 40 per cent compared to $13 billion worth of gold jewellery export in 2012-13.
