The Ministry of Finance said on Thursday said that the Central Board of Indirect Taxes and Customs (CBIC) has issued a standard operating procedure (SOP) for e-commerce exports of jewellery through courier mode. The CBIC has issued a simplified regulatory framework for e-commerce exports of jewellery on June 30.
As per the Finance Ministry statement, the CBIC standard operating procedure details the handling, movement and procedural aspects for such exports, based on electronic declarations, through international courier terminals. The framework keeps in view the need for uniformity of action by customs that brings certainty for the trade, it said. Additionally, it addresses a unique requirement of the e-commerce Eco-system for re-import of rejects in certain cases to the prescribed extent.
The implementation of simplified framework was announced by Union finance minister Nirmala Sitharaman in this year’s Budget speech. Following the announcement, the CBIC held wide-ranging consultations with stakeholders such as industry associations, members of the trade, e-commerce operators, authorised couriers and the customs field formations, before finalising the SOP.
Meanwhile, a period of one month has been provided for transition and the first phase begins with exports through Bengaluru, Delhi and Mumbai locations, the ministry said.
Meanwhile, India’s gems and jewellery exports rose by 21.41 per cent to ₹25,295.69 crore (USD 3,241.38 million) in June compared to the same month last year, an industry body said on Thursday. The overall gems and jewellery exports stood at ₹20,835.57 crore (USD 2,830.79 million) in June 2021, the Gem and Jewellery Export Promotion Council (GJEPC) said in a statement.
Exports during April-June 2022 rose by 14.6 per cent to ₹77,049.76 crore (USD 9,983.78 million) compared to ₹67,231.25 crore (USD 9,110.48 million) during April-June 2021. GJEPC stated that the gem and jewellery exports to the Middle East have started showing positive impact post the Comprehensive Economic Partnership Agreement CEPA) with the UAE.
Exports of Cut and Polished Diamonds (CPD) in June witnessed a growth of 8.45 per cent to ₹15,737.26 crores (USD 2,016.71 million) compared to ₹14,510.48 crore (USD 1,972.34 million) in June 2021. The total exports of gold jewellery (plain and studded) witnessed a growth of 35.25 per cent to ₹5,641.28 crore (USD 722.6 million) compared to ₹4,171.06 crore (USD 566.11 million) in June 2021.
(With inputs from PTI, ANI)
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