IBJA gets DGFT to invite new applications for gold TRQ

Indian Bullion and Jewellers Association (IBJA) asked the Director General of Foreign Trade (DGFT) to scrap the special gold import quota from the UAE under the comprehensive economic partnership (CEP) agreement allotted to 78 applicants this year.

IBJA told the government that on the basis of notification dated 17/04/2023, all 300,000 jewelers are entitled to this 140 tonnes of gold worth Rs 84,000 crores, so allotment to only 78 applicants should be cancelled.

Based on the representation made by IBJA,

Govt decided to reallocate TRQ of 140 tons of gold under UAE-CEPA as per new guidelines to old and new applicants.A Fresh window will be opened for the same.

Now all jewelers will be able to import this Rs 84000 crore gold with 1% less import duty. This will result in a profit of about Rs 800 crore for all the jewellers, said IBJA.

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