Gems and Jewelry sectors get special boost in exim policy
In order to prevent further job losses in labour intensive gems and jewelry sector the union government has announced a slew of measure in annual supplement of export and import policy. Gems and Jewellery, diamonds and precious metals have been given a special boost. The Export Promotion Council for Gems and Jewellery and Star Trading Houses (in the Gems and Jewellery sector), besides Diamond India Limited, MSTC Limited and STCL Limited have now been added under the list of nominated agencies notified under para 4 A.4 of foreign trade policy for the purpose of import of precious metals.
Surat in Gujarat, which is home to thousands of diamond units with lakhs of diamond workers, has been recognized as 'Town of Export Excellence'.
The export facilitation measures as announced today also state that authorized persons of Gems and Jewellery units in Export Oriented Units shall be allowed personal carriage of gold in primary form up to 10 kg. in a financial year subject to RBI and customs guidelines.
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