New Delhi: In view of the prevailing geopolitical developments affecting global trade and logistics, the government Monday announced a one-time procedural relaxation for the gems and jewellery sector under which the re-export period for imported diamonds sent for certification/grading has been extended to 120 days from 90 days.
The government has also extended by 30 days the period for re-import of gems and jewellery exported for holding or participating in overseas exhibitions, over and above the existing applicable period.
The export period in cases of supply by Foreign Buyer has also been extended to 120 days from 90 days, according to the Directorate General of Foreign Trade.
The measure aims to support exporters by easing compliance requirements and addressing operational difficulties due to the ongoing conflict in West Asia.
The export period under replenishment basis, outright purchase basis and loan basis has also been increased.
“These relaxations are expected to provide timely support to the sector by reducing procedural stress on exporters, facilitating smoother completion of export-related transactions, and helping address delays in movement of consignments arising from the current global situation,” the commerce and industry ministry said.
The additional time is expected to support business continuity and provide greater certainty to trade.
The government also clarified that exporters will not be required to file any separate application, nor will any amendment, endorsement or composition fee be payable for availing this one-time relief. Customs authorities have been advised to allow the corresponding export/import transactions, as applicable, subject to verification of relevant details.
