Financial Daily
from THE HINDU group of publications

Tuesday, May 30, 2000



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New guidelines for gem and jewellery units

Our Bureau


GEM and jewellery units in the Special Economic Zones (SEZ) will be permitted to take out their products temporarily into the Domestic Tariff Area (DTA) without full payment of duty only for the purpose of display, according to the norms stipulated by th e Revenue Department.

Personal carriage of gold, silver, platinum jewellery or precious or semi-precious stones or beads and articles as samples up to $1,00,000 for export promotion tours or temporary display or sale abroad will be permitted by Customs. This will be subject t o the condition that the exporter would bring back the jewellery or the goods or its sale proceeds within 45 days from the date of departure through the normal banking channel.

SEZ units will also be allowed to export branded jewellery for display and sale in permitted shops set up abroad or in the showroom of their distributors subject to the condition that items that are not sold abroad within 180 days are reimported within t he next 45 days from the expiry of such period.

Units manufacturing gem and jewellery can receive machine-made or handmade plain gold, plain silver, plain platinum jewellery from DTA in exchange of gold or silver or platinum of the same purity and quantity. The unit will, however, not be eligible for any wastage or manufacturing loss against exchange of such machine-made or handmade plain jewellery. The DTA unit exchanging jewellery with units in the SEZs will not be entitled to deemed exports.

The Revenue Department has also stipulated maintenance of monthly accounts for units engaged in manufacture of gem and jewellery.

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