The Government of India has revised duty drawback rates for specific jewellery tariff items under Chapter 71 through Notification No. 21/2026–Customs (N.T.), dated 16 February 2026, issued by the Ministry of Finance (Department of Revenue). The move is expected to enhance exporters’ cost recovery, improve margins, and strengthen global price competitiveness for Indian jewellery shipments amid record-high gold, silver and platinum prices that have increased working capital pressures for manufacturers.
The amendment updates the schedule of Notification No. 77/2023–Customs (N.T.). For tariff item 711301, the drawback rate has been increased from 524.27 to 639.59. For tariff items 711302 and 711401, the rate has been raised from 6,317.22 to 9,089.33.
GJEPC has represented this issue in meetings with officials from the Department of Commerce as well as NITI Aayog, stressing the need to revise drawback rates in line with rising input costs faced by exporters and enhance ease of doing business.
The higher drawback amounts are also likely to support exporters’ cash flow by returning a larger portion of duties paid on inputs after export realisation, which is particularly beneficial for MSMEs.