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India adopts new foreign trade policy

September 14, 2009

New Delhi, India--The Indian gem and jewelry industry is among the sectors impacted by the country's new foreign trade policy, according to a copy of the policy obtained by National Jeweler.

The short-term objective of the policy, according to a letter dated Aug. 27 and signed by India's Minister of Commerce and Industry Anand Sharma, is "to arrest and reverse the declining trend of exports and to provide additional support, especially to those sectors which have been hit badly by recession in the developed world."

Included in the policy are a number of initiatives designed to stimulate growth in the gems and jewelry sector.

According to the policy, India has opted to allow duty drawback on exports of gold jewelry to neutralize duty incidence.

In addition, the country also plans to establish a diamond bourse in an effort to make India an international diamond-trading hub as well as a new facility to allow imports on a consignment basis of cut and polished diamonds for the purpose of grading and certification.

In addition, according to the policy, the value limits of personal carriage have been increased from $2 million to $5 million for those participating in overseas exhibitions, a move made to promote exports of gems and jewelry.

The limit for personal carriage as samples for export-promotion tours also was increased under the new policy, from $500,000 to $1 million.
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