India Gold Jewellery Export to Middle East Booms

The Gem & Jewellery Export Promotion Council (GJEPC) organized the India Pavilion at Manama, Bahrain. The Indian Pavilion will be represented by India's top 59 exhibitors from the gems and jewellery industry along with jewelers from around the globe in the industry's premier event held every year.

The jewellery trade has over the past year strengthened the Indian relationship with the Middle East. Today, India exports 44.26% of its total gems and jewellery supply worth US$ 13 billion making Middle East the largest exporting destination.It is estimated that this time there will be an increase in the export figures, as Indian manufacturers and retailers are today considered amongst leaders of G&J trade across the globe.

At the Indian pavilion this year, one will witness Indian craftsmanship at its best with a display of exquisite jewellery collection comprising of high-end diamond jewellery, gold and platinum jewellery, and fine jewellery. Some will also showcase designer handmade jewellery, high-end diamond and bridal jewellery and few exclusive pieces. For the Middle East market, Indian participants will also focus on jewellery with colour stones, sapphires, emeralds and rubies along with huge solitaire diamonds.

Leading names such as AKM Jewellers, CKC & Sons, Hazoorilal & Sons, Mamraj Musaddilal Jewellers & Pearls Dealer and Noorsons International will be present in Palm Room and Hall 1 indicating India's growing stature in catering hi-end and premium jewellery. Indian pavilion will also be represented by Bapalal Keshavlal, Golkunda Diamonds & Jewellery, Jaipur Jewellers, Neelam Jewels, The Rose International, Livingstones, amongst others. National pavilions from leading jewellery export countries including Brazil, Greece, Hong Kong, India, Thailand and Turkey will participate in this edition.
Source: http://bit.ly/95T0Oc

Exporters breathe easy as CBEC eases shipping bill norms

The Central Board of Excise and Customs (CBEC) has made life easier for exporters by relaxing the norms for conversion of shipping bills from free to export promotion scheme and from one export promotion scheme to another. The latest CBEC Circular (no.36/2010-Cus dated 23/09/2010) permits the Commissioners of Customs to allow conversion of shipping bills from schemes involving more rigorous examination to schemes involving less rigorous examination (for example, from Advance Authorisation/DFIA scheme to Drawback/DEPB scheme) or within the schemes involving same level of examination (for example, from Drawback scheme to DEPB scheme or vice versa).

In January 2004, CBEC instructed that conversion of free shipping bills into Advance Licence/DEPB/DFRC shipping bills should not be allowed and that conversion of shipping bills from one export promotion scheme to another should only be allowed where the benefit of any export promotion scheme claimed by the exporter has been denied by DGFT/MOC or customs due to any dispute. The courts, however, ruled that this Circular could not override Section 149 of the Customs Act of 1962 which permits amendments to the shipping bill on the basis of documents that existed at the time the goods were exported.

CBEC, however, says that conversion of free shipping bills into export promotion scheme shipping bills (advance authorization, DFIA, DEPB, reward schemes etc.) should not be allowed on the grounds that goods under free shipping bills are not examined. CBEC could have been graceful by following the rationale behind its own circular number 25/2005-Cus dated June 6, 2005 for accepting in-house test results of manufacturer exporters having the ISO 9000 series certification for the purpose of conversion of free shipping bills into export promotion scheme shipping bills.
Source: http://bit.ly/c7egyh

The Biggest Ports of India

India, one of the biggest peninsulas in the world, has a long coastline spanning 7,600 kilometres. The Government of India planning to invest about $20.8 billion in 276 projects which are part of the government's endeavour to expand 13 major ports in the country, Shipping Minister G K Vasan said recently.

According to him 22 projects are ready for bids as the country is increasing the port capacity, mostly through public and private sector participation.

Indian port handling tonnage has crossed 10 million GT mark recently, the minister said.

He also disclosed that mega container terminals have been planned at Vallarpadam, Chennai, JNPT and Ennore, implementation of which would provide opportunities in the logistics business.
Source: http://bit.ly/cbDTp9

GCC Urged to End Customs Rifts Ahead of Summit

Gulf oil producers should step up efforts to end rifts blocking the full implementation of their landmark customs union ahead of their annual summit in Abu Dhabi late this year, a semi-official study has said.

A surge in trade within the six Gulf Cooperation Council (GCC) nations by more than five times to a record high of $91 billion in 2009 should motivate them to iron out their differences and push ahead with the project on time, said the study by the government-controlled Emirates Industrial BankEmirates Industrial BankLoading... (EIBEIBLoading...).

Its figures showed inter-GCC trade recorded a staggering annual growth of around 72 per cent to leap from nearly $15 billion in 2002 to $91 billion in 2009.

Their only agreement was to extend a deadline for a few more years for a final agreement on that issue before fully implementing the customs union.

The talks are the latest in a series of meetings by the six members seeking to put the customs union on track after launching a common market in early 2008 and to support plans by four GCC nations to launch a monetary union in 2010.

GCC states--the UAE, Kuwait, Saudi Arabia, Qatar, Bahrain and Oman--launched the long-awaited customs union at the start of 2003 and set a transitional period of three years for the full enforcement of the project.

But rifts over tax revenue, border delays and other issues have blocked the implementation of the customs union, forcing the six members to extend the transitional period until the start of 2008 to coincide with the common market.

In 2009, the GCC finance ministries said they had charged a consultancy firm with preparing a study on the best way for customs revenue distribution.

The accusations traded between the Shura, the GAB and other government institutions coincided with moves by Saudi Arabia to promote itself as one of the world's best and safest investment destinations within a long term diversification programme intended to reduce its reliance on unpredictable oil sales.

Other GCC members--Kuwait, Qatar, Bahrain and Oman--have also announced the creation of relevant bodies and legislation to eliminate corruption.
Until recently, publicised official enquiries about misappropriation of funds and corruption cases have been a taboo in most Arab countries.

The policy turnaround followed intensifying moves, mainly by Gulf nations, to open up their economies, attract foreign investment and remove red tape, corruption and other malpractices for a better standing in the mushrooming global indices that measure nations' progress.

Such measures have allied with other procedures to tear down capital barriers to turn Saudi Arabia into the top destination of foreign direct investment in the Arab world, followed by the UAE.
Source: http://bit.ly/aftV2k