Govt revises wastage, input-output norms for gold, silver jewellery exports; industry 'disappointed'

Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. REUTERS/Alexander Manzyuk/File Photo

The government on Monday revised norms related to permissible amount of wastage and standard input output with regard to export of gold and silver jewellery.

An industry official said the wastage norms have been eased and the manufacturers are disappointed with it. ”The wastage permissible and standard input-output norms with regard to export of jewellery have been revised,” the Directorate General of Foreign Trade said in a public notice.

The official from the gems and jewellery export council said the industry was not consulted before taking this decision. According to the public notice, weight of mountings and findings (or parts) of gold or silver, if imported and used in export products, will not be included for determining net content of gold and silver in export products.

Standard input-output norms (SION) are rules that define the amount of input/inputs required to manufacture a unit of output for export purposes. Input output norms are applicable for the products such as electronics, engineering, chemical, food products including fish and marine products, handicraft, plastic and leather products.