FAQ
Frequently Asked Questions
Are you licensed to import gold?
Yes, we are licensed to import gold, silver, platinum etc as a Nominated Agency in terms of DGFT Notification 88/2008 dt 26.02.2009.
How do I register my firm with you to avail gold?
Please see the KYC Page
How long it takes for you to complete KYC?
We may complete KYC promptly if you provide us all the required documents
What documents are required for KYC?
Pls see the KYC Page on this website
What products/services are offered by you?
We offer imported gold, silver, platinum, alloys etc both for domestic jewellers and jewellery exporters. Pls see the What We offer page
Whether you offer a better rate for gold than the market?
We price gold at international rate. You would choose the time when the international gold rate (as seen on Reuters screen) is suitable for you.
How do we get gold delivered at our center?
We deliver gold at all bullion centers of the country. Delivery is made from the local vaults of our logistic partners like Brinks, Sequel etc.
(e.g. Mumbai, Ahmedabad, Rajkot, Jaipur, Delhi, Noida, Kanpur, Lucknow, Kolkata, Raipur, Hyderabad, Vijayawada, Chennai, Coimbatore, Cochin, Thrissur, Bangalore, Surat, Amritsar, etc).
Can we have gold from you if we are exporting jewellery for the first time?
You are welcome.
Can we get gold and silver for export in small quantities?
Yes. We also supply gold and silver in small quantities to exporters. Please contact us for further details.
Can we get duty-free gold from you against our exports?
Yes, provided you submit the proof of exports as required under Foreign Trade Policy (FTP).
What is 'proof of exports'?
As per FTP, proof of exports are: i) Exporter’s copy of Shipping Bill ii) Tax invoice for export supplies as uploaded on LED copy of Shipping Bill and iii) Bank Realisation Certificate (BRC)
Why should we provide you margin towards customs duty if we are availing duty-free gold?
Margin will be held as security for customs duty. It would be released after you submit proof of exports. In case the proof of exports is not submitted, duty with interest will be paid to customs out of the said margin.
Why should we provide minimum 110% margin?
It is to cover the fluctuations in gold price and interest on customs duty.
What happens if we export jewellery in 916 or lower fineness?
You would get an equivalent quantity of duty-free gold of 995 fineness
What is Value Addition?
Value Addition (VA) is the addition of value in jewellery exported over the cost of inputs used at international rate. HBP Para 4.60 provides the % of minimum VA to be achieved for various types of jewellery exported.
What is admissible wastage?
Admissible wastage is the wastage of gold which is likely to happen in manufacture of jewellery. HBP Para 4.59 provides the maximum admissible wastage for various types of jewellery.
Can we export jewellery from any port in India?
Yes. We would accept export documents for jewellery exported from any port in India. (However, certain restrictions apply for hand carry of jewellery and postal/courier bookings. Please refer HBP Para 4.71)
What happens if customs authorities do not find our export documents to be in order?
If customs authorities do not find your documents to be in order, your transaction will be treated as a domestic transaction and you would be liable to pay duty with interest.
What if customs authorities find our documents not in order after you have released margin money?
We release your margin money at your request so that your working capital is not blocked. Your liability towards customs duty remains till customs authorities grant duty exemption.
Can we avail metal loans from you for export purpose?
Yes.
Can we get metal loans from you for domestic purpose?
No. Current RBI guidelines do not permit so.
What is Margin Call?
Margin call is the call to top up the available margin when the metal price goes up. You need to top up the margin so that it always covers 110% of the metal price.
What if we fail to top up the margin?
If you do not top up the margin within 24 hours of margin call, we would cut the metal price at international rate and recover the metal value, costs, losses etc from you.
Can we get gold on Replenishment basis?
Yes. You can export jewellery out of your own gold and get an equivalent quantity of duty-free gold from us as replenishment as per the procedure in HBP para 4.81.
Can we get gold from you under our TRQ license?
Yes, provided you have endorsed the license in our name as nominated agency. You are welcome to do so,
Can we get silver under CEPA agreement?
Yes.
Can we get silver alloys from you for use in jewellery manufacturing?
You are welcome to contact us for details.
What are the IGCR Rules?
IGCR Rules refer to the rules which govern supply of gold, silver etc under concessional rate of duty.
What are our obligations under IGCR Rules?
Basically, as the end users, you are required to use the imported metals for the specified purpose and maintain records for the same for satisfaction of customs.
Are there any restrictions on opening of account and supply of imported gold, silver etc by you?
The opening of account is subject to RBI guidelines on KYC and our internal policies. Similarly, supply of imported metals is subject to RBI/Customs rules, availability of metals, logistics, commercial terms, our internal policies.
Any reason why we should consider you as our supplier?
We are a Nominated Agency notified by the Govt of India for import of gold, silver, platinum etc. We work in close coordination with GJEPC to support the exporters. We have been adjudged by the trade as the Best Nominated Agency consecutively for five years. We welcome you to join our 800 happy customers.