Procedure for import and export of Gold jems and jewellary

[samiuddin ansari]

Sir, my friend is a Goldsmith and engaged in the manufacture of gold Gems and jewellary and registered with GST authorities. He has been doing local business for the last six years, now he wishes to come into the field of import and export as he would be getting purchase order of gold gems and jewellary from the middle east gulf countries. In this regard, we have some queries as to:

(i) What is the procedure to import of Gold Bars (Gold Biscuits)

ii) Whether we will have to procure the Gold bars from local market or import through authorized Govt.agencies.

(iii) Whether we can undertake job-work for some process outside the premises of our manufacturing premises. if it is so, what are the procedures to be followed?

(iv) Whether for export we need to get registered in Customs authorities, if it is so, by virtue of which notification, circular or instructions of Customs or any Central Govt. authorities.

(v) What are our bindings to follow i.e. returns or documents to be submitted to Customs Authorities before and after import or export of Gold gems and jewellary?

We solicit your valuable guidance and suggestion in to the matter, please.

[Shilpi Jain]

Since your friend is starting a new business in this field, it is suggested that he either consults a professional to get idea of all kinds of procedures, technicalities, etc. in this field.

If not he could actually get some knowledge transfer from any person who is already into this business.

[samiuddin ansari]

Actually, it's not a new business, but he wants to start import and export of gold gems and jewellary, so he needs some guidance as to what are the procedure for import as well as export. As he is residing in a small town and due to non availability of tax experts or consultants for such purpose, he is not able to get proper guidance. Hence, he contacted me and sought help in this regard. If possible, please guide and give your valuable suggestion in this matter.

[YAGAY andSUN]

It is will enshrined in FTP and HBP Vol.1 read with Customs and GST Laws. Please go through the same for import/export of Gold and Jewellary etc.

[Raghunandhaanan rvi]

Sir

Please refer to Chapters 2 and 4 of Foreign Trade Policy and HBP on import and export of Gold and Jewellary. More particularly Para 4.31 and 4.32 of FTP. Also refer Customs Notification Nos 18/1998, 56/2000, 57/2000 and also Notifications for duty free import of gold against Advance Authorization Scheme. Additionally Please read Master Directions of RBI on export of Goods and Services to have an idea of import and export of Gold and Jewellery.

AI Summary

Import and export regulation of gold jewellery requires compliance with foreign trade policy, customs notifications and banking directions. Import and export of gold gems and jewellery require compliance with the Foreign Trade Policy and Handbook of Procedures, relevant customs notifications and banking regulator directions; key operative elements include eligibility under the Advance Authorization Scheme for duty free inputs, choice of procurement channel (domestic or authorized import), customs registration and documentary filings for exports, and procedural requirements for outsourcing job work outside the principal manufacturing premises.