National News
GJEPC Chairman Meets New Customs Commissioner to Strengthen Trade Facilitation
Mr. Kirit Bhansali welcomes Commissioner Santosh Kumar Mishra, discussing industry challenges and reaffirming collaborative efforts for smoother gem and jewellery trade.
The Gem & Jewellery Export Promotion Council (GJEPC) extended a warm welcome to Mr. Santosh Kumar Mishra, the newly appointed Commissioner of Customs at the Precious Cargo Customs Clearance Centre (PCCCC), during a meeting with Mr. Kirit Bhansali, Chairman of GJEPC.
During the meeting, Mr. Bhansali addressed several critical issues currently affecting exporters and importers in the gem and jewellery sector. He emphasized the need for continued support from the Customs department to ensure streamlined and efficient trade processes.
Commissioner Mishra expressed his appreciation for the constructive dialogue and assured the industry’s stakeholders of his department’s unwavering commitment to enhancing the ease of doing business. He stated, “When you flourish, we flourish, and the country flourishes,” underlining the significance of a strong, collaborative relationship between Customs and trade organizations like GJEPC.
The meeting concluded on a positive note, setting the stage for strengthened cooperation and proactive engagement to address industry concerns and enable seamless operations in India’s gem and jewellery trade ecosystem.
National News
Govt Extends Compliance Timelines for Gems & Jewellery Sector by 30 Days
Re-Export Timelines Extended and Procedural Relaxations Introduced To Support Exporters Facing Geopolitical Challenges
In response to geopolitical disruptions impacting global trade and logistics, the government has announced a one-time procedural relaxation for the gems & jewellery sector.
The re-export period for imported diamonds sent for certification/grading has been extended to 120 days from 90 days. Additionally, the timeline for re-import of gems and jewellery exported for overseas exhibitions has been increased by 30 days beyond the existing limit.
The export period for Foreign Buyer supplies has also been extended to 120 days, according to the Directorate General of Foreign Trade. Further, timelines under replenishment, outright purchase, and loan basis exports have been enhanced.
These measures aim to ease compliance requirements, reduce procedural stress, and ensure smoother export transactions amid delays caused by the ongoing West Asia conflict.
Importantly, exporters will not be required to file separate applications, nor pay any amendment or composition fees to avail this relief. Customs authorities have been directed to facilitate transactions subject to verification, ensuring business continuity and greater certainty for trade.
In response to geopolitical tensions in West Asia, the Directorate General of Foreign Trade (DGFT) has introduced facilitative provisions under HBP-2023, extending export and import timelines for the gems and jewellery sector by 30 days without requiring any fees or applications.
Key changes include extending the re-export period for diamonds sent for certification/grading from 90 to 120 days, along with similar relief for exports involving precious metals supplied by foreign buyers. Timelines have also been eased for the re-import of jewellery from overseas exhibitions and exports under replenishment, outright purchase, and loan schemes.
The one-time relaxation aims to ensure smooth transaction completion, reduce logistical disruptions, and maintain continuity in trade flows. Exporters can avail of the extension without filing fresh applications or paying additional charges, while customs authorities will process transactions after necessary verification.
Industry stakeholders attribute the disruptions to recent geopolitical tensions, including the US-Israel attack on Iran, which has impacted air and sea routes across the Middle East.
Welcoming the move, former Gems and Jewellery Export Promotion Council (GJEPC) chairman Colin Shah said the extension offers timely relief to exporters facing shipment challenges, expressing hope for improved conditions soon.
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