National News
Govt. Doubles Duty Drawback Rates On Gold & Silver Jewellery Exports
The revision comes amid a sharp rise in gold and silver prices over the past two years. Exporters had argued that the existing drawback rates had become inadequate, resulting in lower reimbursement of embedded duties
The Centre has nearly doubled duty drawback rates for select categories of gold and silver jewellery exports to improve exporters’ competitiveness amid rising input costs and global uncertainties. The revision comes amid a sharp rise in gold and silver prices over the past two years. Exporters had argued that the existing drawback rates had become inadequate, resulting in lower reimbursement of embedded duties and putting pressure on their working capital.
The duty drawback for gold jewellery and parts has been increased to Rs.1,851.99 per gram from Rs.773.17 per gram, while the rate for silver jewellery and articles made of silver has been raised to Rs.29,501.09 per kg from Rs.14,990.66 per kg, according to a notification issued by the Department of Revenue on Friday.
The notification does not change the scope of the duty drawback scheme or its eligibility conditions.The revision comes amid a sharp rise in gold and silver prices over the past two years. Exporters had argued that the existing drawback rates had become inadequate, resulting in lower reimbursement of embedded duties and putting pressure on their working capital.
Since duty drawback is intended to refund duties paid on inputs used in export production, the previous rates no longer reflected the actual incidence of duties borne by exporters.
National News
IFSCA Notifies India Good Delivery Gold Framework
GJEPC Seeks Swift Rollout and Global Recognition. The Framework Is Expected To Strengthen Responsible Sourcing, Build Confidence In Indian-Refined Gold and Create Opportunities For Bullion Exports.
GJEPC has urged the Government to expedite international recognition and the implementation of the India Good Delivery Gold framework, following the notification of the International Financial Services Centres Authority (IFSCA) (Good Delivery) Guidelines, 2026. The framework is expected to strengthen responsible sourcing, build confidence in Indian-refined gold and create opportunities for bullion exports.
The guidelines establish a framework for quality assurance, responsible sourcing and traceability in gold refining. IFSCA, India’s unified regulator for financial products, services and institutions operating in International Financial Services Centres, will implement the framework through the Bullion Exchange in the IFSC. Gold from accredited refiners that meets the prescribed requirements can qualify for delivery on IFSC exchanges and for over-the-counter trading.
The framework extends beyond the purity and quality of gold bars to address their provenance. Refiners must trace raw gold to its source, assess supply-chain risks, verify suppliers and beneficial owners, and meet applicable responsible-sourcing requirements. Independent third-party audits will provide additional assurance.
The initiative follows the recommendations by NITI Aayog, a policy think tank, which had called for an India Good Delivery Standard and responsible-sourcing guidelines for refineries. The report highlighted the potential of domestic refining to retain more value within India, generate employment and support exports.
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