It is 18 months from the date of issue of authorization. It can be extended for 6 months from the date of expiry of EO period on payment of composition fee of 0.5% of the short fall. Further, extension of 6 months after first extension may also be granted on payment of composition fee at 0.5% per month on unfulfilled value of the EO provided minimum 50% EO in quantity and value has been fulfilled.
It will be issued on post export basis for SION products only. Manufacturer as well as Merchant exporter tied with supporting manufacturer is eligible for the Scheme. Minimum value addition of 20% is required.
The Schemes for Gems & Jewellery sector are as follows:
1. Advance Procurement/ Replenishment of Precious metals from Nominated Agencies;
2. Replenishment Authorization for Gems;
3. Replenishment Authorization for Consumables
4. Advance Authorization for precious metals
The value addition is required as under:-
1. Plain gold/platinum/silver jewellery and articles & ornaments -3.5%.
2. All types of studded gold/platinum/silver jewellery and articles-6% for studded with colored gem stones and 7% for studded with diamonds.
3. Any jewellery/articles manufactured by fully merchandised process 2%.
The same may be obtained from nominated agencies which are MMTC Ltd, The Handicraft and Handlooms Exports Corporation of India Ltd, The State Trading Corporation of India Ltd, PEC Ltd, STCL Ltd, MSTC Ltd, and Diamond India Limited.
Yes, the articles as samples up to US$ 1 Million for Export Promotion Tours, sale abroad etc. are allowed with approval of Gems & Jewellery Export Promotion Council subject to the provision that promotes will bring back jewellery/goods or repatriate sale proceeds within 45 days from date of departure through normal Banking Channel.