The Central Board of Indirect Taxes and Customs is initiating the formation of a panel to handle the concerns raised by the gems and jewelry industry associated to customs clearances. The trade has highlighted issues similar to the lack of valuers, challenges with the hand-carriage of gems and jewelry, and concerns concerning the Remission of Duties or Taxes on Export Products scheme. In November, India’s gem and jewellery exports decreased by four.52% YoY to Rs 19,018.18 crore (USD 2,263.34 million), marking an enchancment from the earlier year. The Gem and Jewellery Export Promotion Council attributes the decline to provide disruptions and a voluntary halt in rough diamond imports because of geopolitical points. GJEPC Chairman Vipul Shah anticipates additional enchancment, citing heightened festival demand and expects FY24 exports to surpass the previous financial 12 months. The uncommon and the magnificent reigned supreme at international jewelry auctions in 2023, thanks to the market’s insatiable appetite for exceptional gems and diamonds.

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