The Centre has revised customs duty rates on gold, silver and platinum jewellery findings while also tightening compliance conditions for imports linked to precious metal recovery and recycling.
The new rates, notified by the Ministry of Finance, came into effect on Wednesday, May 13. Under the revised structure, gold and silver findings will attract a customs duty of 5 per cent, while platinum findings will face a slightly higher levy of 5.4 per cent.
The move comes amid the government’s continued focus on regulating precious metal imports and streamlining taxation around jewellery components and recyclable metal waste. The notification also lays down stricter documentation and environmental compliance norms for importers seeking concessional duty benefits on spent catalysts and ash containing precious metals.
The ministry has fixed a 4.35 per cent customs duty on imports of precious metal spent catalysts and ash, but only if importers meet specific end-use conditions under the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022.
In its notification, the Finance Ministry clarified what qualifies as “findings” in the jewellery trade.
“For the purposes of this entry, gold, silver or platinum findings mean a small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of jewellery in place,” the notification stated.
What changes for importers of precious metal waste
The notification said importers bringing in spent catalysts or ash containing precious metals must furnish an undertaking to customs authorities at the time of clearance.
According to the ministry, importers will have to declare the percentage of precious metals contained in the imported material and confirm that the consignment is meant for the recovery of precious metals.
The directive stated: “Provided further that the importer at the time and place of clearance: — (a) gives an undertaking to the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, regarding percentage of precious metals contained in spent catalyst or Ash containing precious metal being imported and to the effect that the said goods are imported for recovery of precious metals.”
Environment clearance mandatory for concessional duty
The Finance Ministry has also made environmental clearance compulsory for such imports.
Importers will now be required to submit a certificate issued by the Ministry of Environment, Forest and Climate Change, permitting the import of spent catalysts or ash for recycling or recovery purposes.
The notification said the importer must “produce a certificate from the Ministry of Environment, Forest and Climate Change before the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, permitting import of spent catalyst or Ash containing precious metal for recovery or recycling purposes.”
The revised framework took effect from May 13.