National News
GJEPC Collaborates with Delhi Customs to Streamline Jewellery Export via Personal Carriage
Follow-up meeting focuses on refining SOPs under Circular No. 09/25 – Customs to ease export processes through Delhi’s Precious Cargo Warehouse
On 15 April, a delegation from the GJEPC Northern Regional Office met with senior officials of Delhi Customs to further refine Standard Operating Procedures (SOPs) for the import and export of jewellery via personal carriage. This discussion followed an initial meeting held on 9 April and focused on the implementation of Circular No. 09/25 – Customs, dated 28 April 2025, with the goal of issuing a comprehensive public notice for the trade.
Key customs officials present included Mr. Dheeraj Rastogi, IRS, Principal Commissioner – Exports; Ms. Ashima Bansal, IRS, Commissioner – ACC Export; Mr. Vishal Pal Singh, IRS, Commissioner – Airport; Mr. Dibyalok Singh, IRS, Deputy Commissioner – ACC Shed; and Mr. Anuj Kumar Pandey, IRS, Additional Deputy Commissioner – Airport. Representing the GJEPC were Mr. Antarpal Singh Sawhney, Regional Chairman – North, and Mr. Anil Sankhwal, Convener, Studded Jewellery Panel.
The meeting primarily addressed ways to optimise the draft SOPs for hand-carried jewellery exports through the Precious Cargo Warehouse (PCW) operated by Celebi at Delhi Airport. GJEPC representatives proposed practical solutions to remove procedural bottlenecks and speed up customs clearance. Among their key requests was the establishment of a dedicated detention room for appraised parcels within the Central Warehousing Corporation (CWC) cargo shed to reduce delays and improve exporter convenience.
Customs officials, led by Mr. Rastogi, responded positively to the recommendations and assured the delegation of due consideration. They also advised GJEPC to initiate discussions with CWC for space allocation to implement the suggested changes effectively.
National News
Smuggled Gold Distorting India’s Bullion Market
Sharp Rise In Smuggled Gold, Driven Largely By The May 2026 Hike In Import Duty To 15%, Which Has Made The Grey Market Significantly Cheaper Than Legal Channels and Squeezed Legitimate Dealers and Jewellers
India’s bullion market is being skewed by a sharp rise in smuggled gold, driven largely by the May 2026 hike in import duty to 15%, which has made the grey market significantly cheaper than legal channels and squeezed legitimate dealers and jewellers.
Market distortion and price gap
- Smuggled gold is now selling at discounts of up to Rs 8,000 per 10 grams compared with official prices, creating a wide arbitrage that undercuts compliant traders.
- Industry executives warn that this price gap is a clear signal of an active grey market, disadvantaging genuine bullion dealers and organised jewellers who pay full duty and taxes.
Scale of illegal inflows
- Industry estimates suggest more than 100 tonnes of gold could enter India through illegal channels in 2026, echoing past surges in smuggling after earlier duty hikes.
- Despite the higher tariff, India’s gold import bill rose 24% to a record $71.9 billion in FY26, even as physical volumes fell to about 721 tonnes, indicating persistent demand being met partly via unofficial routes.
Enforcement response
- Revenue intelligence agencies, particularly the Directorate of Revenue Intelligence (DRI), have intensified operations against organised smuggling networks using airports, land borders, coastal routes and domestic road transport
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