GJEPC seeks clarification on export-related exemption from mandatory hallmarking

NEW DELHI: With mandatory gold hallmarking set to be implemented in India from June 1, 2021, the GJEPC in a representation to Piyush Goyal, Minister of Consumer Affairs welcomed the decision but has sought clarity on certain issues pertaining to exports under the hallmarking provisions.

While the this order excludes exporters, the GJEPC has called on the authorities to “explicitly clarify that jewellers having transactions only in the export stream are completely excluded from the purview of the Hallmarking Order”.

The GJEPC chairman Colin Shah pointed out operational challenges brought on by the fact that all exporters maintain common inventory for both export and domestic streams. Shah noted that the storing of fully manufactured specified gold articles should not require compliance with the hallmarking provisions, except prior to domestic sale.


In a statement, K Srinivasan, Convener, Gold Panel, GJEPC said, “As Indian hallmarked articles do not have acceptance outside India, any legal interpretation that requires an exporter to comply with the hallmarking provisions wholly or partially, will increase the transaction costs in the export stream, making gem and jewellery exports unviable.”

Srinivasan also pointed out that purchases made by foreign buyers at domestic exhibitions like IIJS are tantamount to export sales and should therefore be outside the purview of the Hallmarking Order.

He requested a clarificatory amendment on hallmarking exemption to manufacturers/wholesalers supplying articles to exporters.

(The one-stop destination for MSME, ET RISE provides news, views and analysis around GST, Exports, Funding, Policy and small business management.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

READ  UPDATE 3-Czech owners of Skoda, VW cars qualify for $23 mln compensation, court says



Please enter your comment!
Please enter your name here