As announced by Hon’ble Finance Minister Smt. Nirmala Sitharaman in the 2022-23 budget, the Finance Ministry has come up with draft Standard Operating Procedure (SoP) for facilitating e-commerce jewellery exports through the courier route. The aim is to provide a simplified regulatory framework for manufacturers and traders who want to export jewellery through e-commerce.
The new rule would permit jewellery export through courier mode only after receipt of full advance and photos of the export jewellery.
Speaking about this new opportunity for the gem and jewellery industry that would be created by the imminent e-commerce policy, Colin Shah, Chairman, GJEPC said, “We are heartened and extremely encouraged by the Government’s commitment to usher in a new era of gem and jewellery exports through e-commerce via the courier route. Of all the policy support the industry has received, the new e-commerce policy is unprecedented. I express my gratitude to our Hon’ble Finance Minister Smt. Nirmala Sitharaman for coming up with the SOP at the right time when there is a huge demand through e-commerce. So, sky’s the limit for our export growth if we make the most of this golden opportunity.”
Post the announcement by FM in budget 2022-23, stakeholder consultations, including those with the Gem & Jewellery Export Promotion Council (GJEPC), Express Industry Council Of India (EICI), e-commerce operators, members of the trade, officers working in the Directorate General Of Export Promotion, Directorate General of Systems and Customs field formations, have been held.
Now before the implementation of the SOP of a simplified regulatory framework to facilitate export of jewellery made of precious metals and imitation jewellery through e-commerce in courier mode, the Central Board of Indirect Taxes and Customs (CBIC) has invited feedback and suggestions from stakeholders by 14th June, 2022.
The CBIC has also recommended to amend the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010, and related forms and come out with a notification prescribing conditions for reimport of returned jewellery and has invited views from stakeholders on the same.
The gem and jewellery sector keenly look forward to the announcement and implementation of the e-commerce policy by the Government.