India Has New Foreign Trade Policy

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.