CVD abolition will boost jewellery manufacturing

SURAT: Diamantaires and jewellery manufacturers participating in international gems and jewellery exhibitions across the world will get a boost with central government issuing a circular abolishing countervailing duty on re-import of gems and jewellery goods, which were exported for purpose of either participating in an exhibition or on consignment basis.
Diamantaires and jewellery firms carry goods on consignment for overseas jewellery exhibitions/export promotion tours. However, re-import of jewellery meant for such overseas exhibition was attracting IGST, which critically affected the trade. Sources said Gems and Jewellery Export Promotion Council had recently raised the issue at the meeting with commerce minister Piyush Goyal for allowing the trade to enjoy duty-free benefits on gems and jewellery exported on consignment basis for the exhibitions organized around the world. GJEPC office-bearers stated that the decision to revoke the duty on re-import of jewellery meant for exhibition will go a long way in giving boost to the sector.