30-Day Extension Eases Gems and Jewellery Export Woes Amid West Asia Crisis

The government has extended a 30-day period for the gems and jewellery sector to address export challenges amid West Asia tensions. This extension aims to ease compliance burdens for exporters, with the region accounting for a significant portion of India's gems exports. The measure facilitates smoother transaction processes.

In a move aimed at alleviating export challenges, the government on Monday granted a 30-day extension to the gems and jewellery sector for meeting certain obligations amid the West Asia crisis. The region, vital for Indian exporters, represents 30% of India's total gems and jewellery exports, valued at USD 26.2 billion this fiscal year.

The ongoing geopolitical tensions, triggered by a joint US-Israel attack on Iran, have disrupted air and sea consignments in the Middle East. In response, the Directorate General of Foreign Trade (DGFT) issued a public notice detailing extended export/import deadlines under Chapter 4 of the Handbook of Procedures, addressing duty exemption/remission schemes.

These relaxations, including extended periods for re-export and re-import of gems and jewellery, aim to ease procedural stress for exporters. Customs authorities have been advised to facilitate these transactions without additional fees or applications. Colin Shah, former chairman of the Gems and Jewellery Export Promotion Council, praised the measure as timely relief during export disruptions. India's exports to the UAE are valued at around USD 10 billion.

(With inputs from agencies.)