India reduces value addition norms in jewellery

Move prompted by rising bullion prices
India reduces value addition norms in jewellery

ACCORDING to Financial Express the government of India has eased value-addition norms on jewellery with an eye on boosting exports in the face of rising precious metal prices.

International gold prices have nearly doubled from $300 an ounce in January, to around $600 presently, after reaching a record high of $730 an ounce in May, making it difficult to achieve previous value-addition levels, explained foreign trade director-general, K.T. Chacko.

For studded gold, silver and platinum jewellery, the value addition norms have been brought down to 6.5 per cent from 15 per cent, while it has been reduced to 4 per cent on plain gold, silver and platinum jewellery, from 4.5 per cent earlier.

Minimum value-addition on jewellery fabricated using the fully mechanised process has been set at 2 per cent from 3 per cent previously. Similarly the norms for gold, silver and platinum medallions and coins (excluding coins of the nature of legal tender), will be 2 per cent. The value-addition level for gold, silver and platinum findings and mountings manufactured by a mechanised process will now be 3 per cent


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