The government has relaxed norms for exports of select items, such as push backs and locks, used in jewellery-making.
The government has relaxed norms for exports of select items, such as push backs and locks, used in jewellery-making.
Certain norms of the foreign trade policy is amended to "allow export of findings like posts, push backs, locks which help in collating the jewellery pieces together, containing gold of three carats, and above, up to a maximum limit of 22 carats only from domestic tariff area and EOU/EHTP/STP/BTP units," the directorate general of foreign trade (DGFT) said in a notification.
Earlier, exports of any kind of gold jewellery or related items containing gold of 8 carats, and above, up to a maximum limit of 22 carats were permitted.
But these exports are not allowed from special economic zones.
Export Oriented Unit (EOU) Scheme, Electronics Hardware Technology Park (EHTP) Scheme, Software Technology Park (STP) Scheme or Bio-Technology Park (BTP) are programmes to promote exports.
The country's gems and jewellery exports contracted by 0.75 per cent to USD 13.18 billion in April-August this fiscal.
The labour-intensive sector contributes about 14 per cent to the country's overall exports.
India's main export destinations are the US, Europe, Japan and China. America accounts for about one-fourth of the country's total gems and jewellery exports.
Meanwhile, Dhanteras was a reasonably glittering affair this year, with sales of gold and gold jewellery across the country clocking nearly 17 per cent rise over the past year. The rush for gold was despite the yellow metal becoming dearer by nearly Rs 3,000 per 10 grams in past 12 months.
Diwali shoppers bought 16 tons of gold worth Rs 5,250 crore on Monday at the time of going to press. Bullion traders said the sales figure stood at Rs 4,500 crore last year.
Experts say gold sale is being driven by consumers in recent times, with nearly 80 per cent of buyers going for wearable jewellery. The remaining sales happen in terms of gold coins and biscuits. Traders also linked the growing demand to the upcoming marriage season. Mumbai alone will see nearly 35,000 marriages, they said.
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 "Govt relaxes export norms for select goods used in jewellery-making")
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