India's DGFT extends export and re-import windows for gems and jewellery
Exporters and customs brokers can use 120‑day re-export and +30‑day re-import windows
Change
India's Directorate General of Foreign Trade (DGFT) extended the re-export period for imported diamonds sent for certification to 120 days (from 90), lengthened re-import and export windows across supply-by-foreign-buyer, replenishment, outright purchase and loan bases, and advised customs to allow corresponding export/import transactions subject to verification of relevant details.
Why it matters
The one-time procedural relaxation covers re-exports for certification/grading of imported diamonds, re-imports after overseas exhibitions, and export windows for supply-by-foreign-buyer, replenishment, outright purchase and loan-basis consignments. Exporters will not be required to file separate applications or pay amendment, endorsement or composition fees to avail this relief.
Implications
- — Export documentation teams at gems & jewellery exporters in India must immediately update export and re-export filings to reference the DGFT relief and include the required verification details — consignments lacking those details risk customs refusing to allow the corresponding export/import transactions.
- — Compliance and finance teams at gems & jewellery exporters in India must immediately stop filing separate relief applications and cease paying amendment, endorsement or composition fees for eligible consignments — continuing to file or pay results in avoidable costs because the relief waives those requirements.
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Source
View on Economic Times