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of <h1>Gem and Jewellery Export Policy Revised: Personal Carriage Allowed, Wastage Norms Updated, Value Addition Requirements Modified</h1> The circular provides clarifications on amendments to Gem and Jewellery Export Promotion (G&J EP) Schemes following revisions to the Export-Import Policy 1997-2002. Key changes include allowing personal carriage of gem and jewellery import parcels by importers and foreign nationals into Export Processing Zones (EPZs) and Export Oriented Units (EOUs) at four metropolitan airports. The policy extends duty-free import facilities to status holders for gold, silver, and semi-finished jewellery with minimum value addition requirements. Wastage norms have been revised, with studded jewellery containing imitation stones now classified as plain jewellery with 3.5% wastage allowance. New provisions allow import of studded jewellery for repairs with 2% wastage and include gold/silver medallions and coins as exportable items requiring 3% value addition. The circular mandates bank guarantees equivalent to 1.5 times customs duty for certain imports and establishes 120-day export completion timelines. Additional consumables may now be imported against separate replenishment licenses, and units must maintain comprehensive accounts without requiring consignment-wise correlation between imports and exports.
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