The Indian Govt eases compliance requirements for G&J trade

In view of the prevailing geopolitical developments affecting global trade and logistics, the government on Monday announced a one-time procedural relaxation for the gems and jewellery sector under which the re-export period for imported diamonds sent for certification/grading has been extended to 120 days from 90 days.

Additionally, the timeline for re-import of gems and jewellery exported for overseas exhibitions has been increased by 30 days beyond the existing limit.

The export period for Foreign Buyer supplies has also been extended to 120 days, according to the Directorate General of Foreign Trade. Further, timelines under replenishment, outright purchase, and loan basis exports have been enhanced. These measures aim to ease compliance requirements, reduce procedural stress, and ensure smoother export transactions amid delays caused by the ongoing West Asia conflict.

Importantly, exporters will not be required to file separate applications, nor pay any amendment or composition fees to avail this relief. Customs authorities have been directed to facilitate transactions subject to verification, ensuring business continuity and greater certainty for trade.