The U.S. Treasury Department announced on 8 February the issuance of two determinations prohibiting the importation of certain categories of diamonds mined in Russia, notwithstanding whether they have been substantially transformed in a third country.
India’s Central Board of Indirect Taxes & Customs has raised import duties on gold and silver findings, and coins of precious metals, to 15%, effective from 22 January 2024. This comprises the 10% basic customs duty and an additional 5% Agriculture Infrastructure and Development Cess (AIDC). The government has also hiked import duty on spent catalysts and ash containing precious metals, to 14.35%, comprising a 10% basic duty and 4.35% AIDC. Spent catalysts and ash, along with coins containing precious metals, however, have been exempted from the country’s social welfare surcharge, levied on imported goods at a rate of 10% of the customs duty collected.
India’s Directorate General of Foreign Trade (DGFT) has issued restrictions on the import of certain gold jewellery and articles. In Notification 19/2023 issued on 12 July 2023, the authority said the import of certain gold jewellery and articles under HS codes 71131911, 71131919 and 71141910 has been changed from “free” to “restricted” with immediate effect. Importers now require a government permit to bring in such products to India.
HKTDC conducted a survey of more than 700 buyers and exhibitors at the Hong Kong International Jewellery Show 2023 and the Hong Kong International Diamond, Gem and Pearl Show 2023. The survey results suggest jewellery traders are more optimistic about the industry’s outlook this year as several Covid-related challenges finally come to an end.
The Swedish Electrical Safety Board (the “Board”) recently announced that it had conducted a market surveillance inquiry into electric vehicle (EV) charging stations. It decided – under the threat of imposing penalties – to order a sales ban as well as a correction and recall campaign.
The European Chemicals Agency (ECHA) has reported that its Enforcement Forum has decided upon its next REACH enforcement project. The Forum is to investigate how companies fulfil the registration, authorisation and restriction obligations for products and chemicals that they import from outside the EU. The project is to be carried out in 2023-2025 and will require close cooperation between the Member States’ REACH enforcement and national customs authorities.
While a sense of playing it safe persisted, participants at two recent Hong Kong events – the 38th HKTDC Hong Kong International Jewellery Show and the 8th HKTDC Hong Kong International Diamond, Gem & Pearl Show – were confident that a post-pandemic reboot was afoot.