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
Gold and Silver Futures Open Higher Amid Volatility In Currency and Bond Markets.
Strong Investment Demand and Continued Gold Buying By Central Banks, Especially China’s Central Bank, Further Supported Prices.
Gold and silver futures opened higher on Friday as investors turned to safe-haven assets amid volatility in currency and bond markets.
Gold futures opened higher on MCX. The benchmark October gold contract opened at Rs 1,60,630 per 10 gram, up Rs 1,205 from the previous close of Rs 1,59,425.
Silver futures also opened higher. The benchmark September silver contract on MCX opened at Rs 2,44,988 per kg, up Rs 1,745 from the previous close of Rs 2,43,243.
Rising crude oil prices, following the US move to impose wider sanctions on Iran, also raised concerns about inflation. Strong investment demand and continued gold buying by central banks, especially China’s central bank, further supported prices.
In global markets, gold was trading near $4,590 per ounce on Comex, while silver was around $69 per ounce. On MCX, gold futures were near Rs 1,59,700 per 10 grams and silver futures around Rs 2,44,600 per kg at the time of writing.
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