The Gem and Jewellery Export Promotion Council (GJEPC) has welcomed the introduction of new, streamlined personal carriage procedures by the Central Board of Indirect Taxes and Customs (CBIC) aimed at enhancing the export and import of gems and jewellery. The new guidelines, set to take effect on May 1, 2025, were detailed in CBIC Circular No. 09/2025-Customs, issued on March 28, 2025.

Commenting on the landmark announcement, Kirit Bhansali, Chairman, GJEPC, said, “This initiative is the outcome of the Council’s continuous efforts and advocacy to Customs and other Government authorities. The Council had consistently represented at all the meetings and forums that personal carriage should be permitted from all the ports as it is allowed from Delhi port only urging its extension to all ports to boost exports. Following multiple representations and discussions, the Government of India has issued the circular to address this long-standing demand of the trade, which aims at improving the ease of doing business while ensuring regulatory compliance.”

Under the new guidelines, Bills of Entry and Shipping Bills for personal carriage transactions will be processed electronically, increasing both efficiency and transparency. Personal carriage for exports will now be permitted at nine major airports: Delhi, Mumbai, Kolkata, Chennai, Kochi, Coimbatore, Bangalore, Hyderabad, and Jaipur. Personal carriage imports will be allowed through seven designated airports: Delhi, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, and Jaipur.

The Foreign Trade Policy (FTP) will also continue to impose a value cap on personal carriage exports, with limits of $5 million for overseas exhibitions and $1 million for export promotion tours.

Shaunak Parikh, Vice Chairman of GJEPC, emphasized that this move would significantly reduce logistical challenges and costs, particularly benefiting small and medium enterprises (SMEs). He added, “By simplifying personal carriage procedures, this initiative strengthens India’s competitive edge in the global gem and jewellery trade.”

The new rules will require importers and exporters to follow advance documentation, baggage declaration, and customs examination protocols at designated airports. Before May 1, 2025, Jurisdictional Commissioners will issue further operational guidelines and organize outreach programs to ensure a smooth transition to the new procedures.

Gold has continued its terrific run, on beast mode, hitting $3177 (Rs 91400) to set another milestone, as uncertainty about tariffs that would drive inflation and deteriorate economic development boosted safe-haven demand and maintained gold on track for its best quarter since 1986. The buying demand in gold continues unabated, with markets scrambling for shelter in the traditional store of wealth amid concerns over US President Donald Trump’s tariff plans on ‘Liberation Day’, April 2.

What is Liberation Day?

As per Wikipedia, “Liberation Day is a day, often a public holiday, that marks the liberation of a place, similar to an Independence Day. Liberation marks the date of either a revolution, as in Cuba, the fall of a dictatorship, as in Syria, or the end of the occupation by another state, as in the Netherlands, thereby differing from the original independence day or creation of statehood, while in Italy commemorates the victory of the Italian resistance movement against Nazi Germany and the Italian Social Republic, a puppet state of the Nazis and rump state of the fascists, the culmination of the liberation of Italy from German occupation and the Italian civil war in the latter phase of World War II”.

US Liberation Day on April 2

Donald Trump has threatened a “Liberation Day” with tariffs on countries having persistent trade deficits with the US. On Wednesday, April 2, the world will learn about Donald Trump’s new style of doing business with almost everyone. That is when the White House will unveil its tariff plan, which includes duty increases for all countries that trade products and services with the United States. Trump has not hinted at imposing a levy on gold, but the prospect of such a move has pushed prices to their current levels. Is gold taxed on imports? We find out on Wednesday. Until then, speculation is likely to continue in full swing.

Trump rattling the markets

Furthermore, US President Donald Trump shook markets last week by placing 25% tariffs on all non-American vehicles and light trucks ahead of the so-called reciprocal tariffs, which are scheduled to take effect on April 2. On Sunday, Trump expressed his rage and frustration with Russian President Vladimir Putin, threatening large tariffs on Russian energy and even bombings in Iran. He also stated that if he believes Moscow is impeding his efforts to end the Ukraine conflict, he will slap secondary tariffs ranging from 25% to 50% on Russian oil customers. Trump also slammed Ukrainian President Volodymyr Zelenskiy, warning that he would suffer serious consequences if he pulled out of the important rare earth minerals deal. This further weighs on investors’ sentiment and contributes to the global flight to safety.

What next?

Bullion is up around 18% this year after climbing more than 27% in 2024, owing to a favorable monetary policy background, significant central bank buying, and demand for exchange-traded funds, among other things. This comes on top of continuing concerns over slowing US economic growth, which drives stagflation fears, pulling the US Dollar down and providing more support to gold.

The next resistance for gold is $3210(~Rs 92000) while Silver is stuck in the range of $33 to $35, prices need to sustain above its $35 resistance to head higher towards $38.

On March 26, 2025, the Gem and Jewellery Export Promotion Council (GJEPC) convened a crucial meeting at its Delhi Regional Office to review the Jewellery Park Cargo City Project, a collaborative initiative with Delhi International Airport Limited (DIAL). The meeting, led by Mr. Antarpal Singh Sawhney, Regional Chairman – North, GJEPC, brought together key figures from both organizations to discuss the development of the 50-acre Cargo City project near T3 Airport.

GJEPC was represented by Mr. Anil Sankhwal, Ms. Renu Sharma, Mr. Ashok Seth, Mr. K.K. Duggal, Mr. Sanjeev Bhatia, and Mr. Sanjay Madaan, while DIAL’s team included Mr. Munish Davessar, General Manager of Air Logistics, and Ms. Kranti Mishra, General Manager of Strategic Logistics. During the meeting, DIAL presented detailed plans for Cargo City 1 and 2, emphasizing the significance of the project in boosting logistics capabilities for the gem and jewellery industry.

The discussions included a comprehensive review of the space and infrastructure requirements for GJEPC and its partner offices. The potential impact on improving export logistics and operational efficiency for the industry was a key focus. To gain a deeper understanding of GJEPC’s operations, the participants also conducted a site visit to the GJEPC Institute and Laboratory.

Both GJEPC and DIAL expressed commitment to further discussions, aiming to refine the project’s framework and address any logistical requirements in the coming months. The project holds significant promise in enhancing the industry’s global competitiveness and export potential.