GOI Revises Duty Drawback Rates for Gold and Silver.

The Gem and Jewellery Export Promotion Council of India (GJEPC) informed that The Government of India (GoI) has revised All Industry Rates for Duty Drawback on precious metal gold and silver jewellery that is meant for export purposes only. The revision was announced through a notification on September 17, 2010.

The new drawback rate for articles of jewellery and parts thereof made in gold is Rs.30.90 for per gram of net gold content (.995 or more purity) in the jewellery. Also, the revised drawback rate for articles of jewellery and parts thereof made in silver is Rs. 1545/- per kilogram of net silver content (.999 purity) in the jewellery. The rates have been made effective from 20th September 2010.

Earlier, the All Industry rates for Duty Drawback stood at Rs. 20.60 per gram of net gold content and Rs. 1030 per kilogram of net silver content in the jewellery. However, after the basic customs duty on gold was increased from Rs.200/10 gram to Rs.300/per 10 gram and on silver from Rs.1000/kg to Rs.1500/kg in the Union Budget 2010-11 in February this year, the GJEPC made repeated representations to the governemnt for an increase in the duty drawback as well, and this has now resulted in the increase in rates of duty drawback.

Source : diamondworld.net