National News
Govt. Raises Jewellery Drawback Rates to Offset Rising Precious Metal Costs
Revised Rates Under Chapter 71 Aim to Boost Export Margins and Ease Working Capital Pressures Amid Soaring Gold and Silver Prices
The Government of India has revised duty drawback rates for specific jewellery tariff items under Chapter 71 through Notification No. 21/2026–Customs (N.T.), dated 16 February 2026, issued by the Ministry of Finance (Department of Revenue). The move is expected to enhance exporters’ cost recovery, improve margins, and strengthen global price competitiveness for Indian jewellery shipments amid record-high gold, silver and platinum prices that have increased working capital pressures for manufacturers.
The amendment updates the schedule of Notification No. 77/2023–Customs (N.T.). For tariff item 711301, the drawback rate has been increased from 524.27 to 639.59. For tariff items 711302 and 711401, the rate has been raised from 6,317.22 to 9,089.33.
GJEPC has represented this issue in meetings with officials from the Department of Commerce as well as NITI Aayog, stressing the need to revise drawback rates in line with rising input costs faced by exporters and enhance ease of doing business.
The higher drawback amounts are also likely to support exporters’ cash flow by returning a larger portion of duties paid on inputs after export realisation, which is particularly beneficial for MSMEs.
National News
MCX Gold, Silver Move North On June US Employment Report
MCX Gold Futures Reclaimed the ₹1.48 lakh Mark
MCX Gold Futures reclaimed the Rs 1.48 lakh mark, hitting an intraday high of Rs 1,48,046 per 10 grams before stabilizing around Rs 1,47,845 (up 1.43%). Spot Gold (Global) surged by 1.5% to trade at $4,185 per ounce, rapidly closing in on the $4,200 level.
MCX Silver Futures zoomed up by Rs 4,457 or 1.91% to trade near Rs 2,37,761 per kg, after touching an intraday high of Rs 2,38,216 per kg. Spot Silver (Global) climbed more than 2.3% to trade comfortably above $62 per ounce.
The primary catalyst behind the bullish reversal was the June US employment report, which indicated a cooling US economy.
Nonfarm Payrolls: The US added just 57,000 jobs in June—the lowest hiring momentum in four months—well below the market expectation of 110,000 jobs.
Unemployment Rate: The rate edged down from 4.3% to 4.2%. However, economists noted that the decline was largely due to a weaker labour force participation rate, which fell to 61.5%, rather than stronger hiring activity.
Sectoral Shifts: Professional and business services (+36,000) and healthcare (+22,000) led job gains, while the leisure and hospitality sector recorded a sharp decline of 61,000 jobs.
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