India Has New Foreign Trade Policy
JCK Staff -- JCK Online, 9/8/2009 12:16:00 PM
The Government of India, Ministry of Commerce and Industry, has announced a new foreign trade policy for 2009-2014 that affects the Indian jewelry sector.
Specifically, a duty drawback (refund) will be allowed on gold jewelry exports; a diamond bourse will be established to make India an international hub for trading diamonds; and a new facility has been introduced to allow import, on a consignment basis, of cut and polished diamonds for grading and certification.
In addition, to promote the export of gems and jewelry, limits on personal carriage to participate in overseas exhibitions have been increased from $2 million to $5 million. The limit on personal carriage of samples for export promotion tours also has been increased, to $1 million.
-
Unfortunately, unless they address the graft inside Indian Customs this will be all for naught. I have lost 2 shipments of gems to customs in Mumbai. The gems were to have been set by an Indian Business and then sent back to me for resale. Both were confiscated and money was the only way to get them released.
Marlene A. Petersen - 2009-14-9 17:18:11 EDT
Shekhar Parikh, 59
10/01/2009Israel to Head Kimberley Process in 2010
11/08/2009India's gem, jewelry exports up 29%
11/13/2002Business Excellence Model
02/24/2009India Rising
10/31/2003
