Gems and jewellery exports: DGFT extends compliance timelines by 30 days amid West Asia crisis

The Centre has given the gems and jewellery sector an extra 30 days. The extension covers several export and import obligations. It aims to ease pressure on exporters during the West Asia crisis. Officials said freight movement in the Middle East has faced disruptions. West Asia remains a major market for Indian shipments.

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The Directorate General of Foreign Trade (DGFT) issued the relief through a public notice. The DGFT said time limits will extend by 30 days. Exporters will not pay any fees. Exporters will also not file applications for this one-time support. Customs offices were asked to permit transactions after checks.

DGFT gems and jewellery rules extended amid West Asia crisis

The notice linked the step to new geopolitical developments in West Asia. A joint attack launched by the US and Israel on Iran last month affected cargo flow. Air and sea consignments have faced delays across the Middle East. The government said easing compliance should help firms manage these operational problems during this period.

The facilitation is placed under Chapter 4 of HBP-2023. This chapter covers duty exemption and remission schemes. The DGFT said the export or import period, where applicable, is extended. The extension applies to selected categories. The relief comes without any requirement for fees or an application.

DGFT gems and jewellery relief covers diamonds, gold and exhibition shipments

Several timelines under Chapter 4 were extended by 30 days. These include re-export of diamonds imported for certification or grading. They also include exports against precious metals supplied by foreign buyers. Other items cover re-import of jewellery taken abroad for exhibitions. Additional cases include gold booked with nominated agencies.

The extended window also covers jewellery exports linked to gold obtained on purchase or loan. It also includes exports done on a replenishment basis. Under the relaxation, imported diamonds sent for certification or grading get more time. The re-export period moved from 90 days to 120 days. Similar changes apply to some foreign-buyer supply cases.

The export period for supply by a foreign buyer was extended. It moved from 90 days to 120 days. The government also added 30 days for re-import of gems and jewellery sent for overseas exhibitions. This is over and above the earlier applicable period. The changes are meant to match the delays seen in logistics.

DGFT gems and jewellery move targets export delays and compliance stress

Officials expect the added time to reduce procedural stress. It should also support completion of export-linked transactions. The notice cited delays in the movement of consignments from the wider global situation. The extra time may help business continuity. It may also improve certainty for trade during the disruption.

The DGFT clarified that no separate application is needed. It also said no amendment, endorsement or composition fee will apply. Customs authorities were advised to allow the related transactions. This will be subject to verification of relevant details. The relief is described as a one-time measure for the sector.

West Asia accounts for about 30 per cent of Indias total gems and jewellery exports. Exports for the sector stood at USD 26.2 billion during April-February this fiscal year. The UAE is a key destination in the region. Indias exports to the UAE stood around USD 10 billion.

Former Gems and Jewellery Export Promotion Council chairman Colin Shah welcomed the extension. Colin Shah said it is a good relief for the sector. Colin Shah added that exporters are facing problems shipping to Middle East countries. "We hope the situation will improve soon,\" Colin Shah said. The government measure gives the industry more time to meet key obligations.

With inputs from PTI