May 12, 2023
In a significant development for India’s jewellery trade under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the Indian Customs Electronic Data Interchange Gateway, known as ‘Icegate’, has opened its office at the Gujarat International Finance Tech-city Special Economic Zone (SEZ).
The launch of Icegate at GIFT City SEZ aims to facilitate a streamlined process for jewellery exporters to leverage competitive rates when importing gold through the India International Bullion Exchange. This announcement was made by the Gem and Jewellery Export Promotion Council, highlighting the benefits it will bring to the industry.
Icegate, the national portal of Indian Customs, provides electronic filing services to trade partners, cargo carriers, and the trading community. With its launch in Gujarat, tariff rate quota holders under the India-UAE CEPA can now import gold directly through the India International Bullion Exchange, ensuring convenience and transparency.
Ashok Gautam, the managing director and CEO of the India International Bullion Exchange (IIBX), expressed his gratitude and excitement about this development. He emphasized that Icegate’s presence at GIFT City SEZ will enable transparent and democratic import of gold through IIBX for tariff rate quota holders, offering the convenience of desktop transactions. Additionally, the launch of Icegate will also benefit jewellery exporters by providing them access to gold at competitive rates through IIBX.
The Ministry of Commerce and Industry issued a Public Notice on April 28, announcing the opening of new tariff rate quota applications until May 7. This tariff rate quota, falling under tariff head 7108, is part of the India-UAE CEPA and aims to reduce duty rates for the benefit of traders and importers.
The launch of Icegate at GIFT City SEZ marks a significant milestone in facilitating the India-UAE CEPA gold trade, providing a transparent and efficient platform for importers and exporters in the jewellery industry. This development is set to enhance trade relations and further strengthen economic ties between India and the UAE.
