The Central Board of Indirect Taxes and Customs (CBIC) has published a standard operating procedure (SOP) for e-commerce exports of jewellery via courier, according to a Thursday release from the Ministry of Finance. On June 30, the CBIC published a streamlined regulatory framework for the export of jewellery via e-commerce.
According to the announcement, the CBIC SOP details the handling, movement, and procedural aspects of exports through international courier terminals based on electronic declarations. According to the framework, customs must ensure uniformity of action that brings certainty to trade. In addition, it addresses a unique requirement of the e-commerce Eco-system for re-importing rejects in certain cases.
Nirmala Sitharaman, the Union finance minister, announced the adoption of a streamlined framework during this year’s Budget speech. Before finalising the SOP, the CBIC had extensive consultations with all relevant parties, including industry groups, tradespeople, e-commerce companies, authorised couriers, and customs field formations.
The first phase of the changeover, which will last a month, will start with exports through the facilities in Bengaluru, Delhi, and Mumbai, the ministry announced.
India’s gem and jewellery exports increased by 21.41% to Rs 25,295.69 crores (US $3,241.38 million) in June from the same month in 2017, according to data released on Thursday by an industry association. The Gem and Jewellery Export Promotion Council (GJEPC) released a statement stating that global gem and jewellery exports were Rs 20,835.57 crores ($2,830.79 million) in June 2021.
In comparison to April through June of 2021, exports increased 14.6% to Rs 77,049.76 crores ($9,983.78 million), up from Rs 67,231.25 crores ($9,110.48 million). According to GJEPC, the Comprehensive Economic Partnership Agreement (CEPA) with the UAE has had a positive effect on gem and jewellery exports to the Middle East.
Compared to June 2021, when exports of cut and polished diamonds (CPD) totalled Rs 14,510.48 crores ($1,972.34 million), they increased by 8.45% to Rs 15,737.26 crores ($2,016.71 million) in June. From Rs 4,171.06 crores ($566.11 million) in June 2021 to Rs 5,641.28 crores ($722.6 million), the overall exports of gold jewellery (plain and studded) increased by 35.25%.
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