Dubai: The first 0 per cent import duty gold and jewellery shipments from India under the newly activated CEPA deal has reached the UAE, with retailers such as Malabar Gold & Diamonds and Siroya Jewellers taking delivery.
These are the first shipments sent on May 1, which was when CEPA (Comprehensive Economic Partnership Agreement) went live. Gold and other precious metals are now charged at zero import duty as against 5 per cent earlier.
“The CEPA deal sets up the gold trade to grow by 50 per cent annually between UAE and India,” said Shamlal Ahamed, Managing Director of International Operations at Malabar. There was no additional charges for such shipments to be zero rated on import duty. The duty exemption is done under the Dubai Trade code. “All shipments are individual and will just need a declaration and the import code for the clearance,” said Chandu Siroya of Siroya Jewellers. “The Dubai Customs assisted us in getting the approval code from Dubai Trade for the exemption.
“The declaration was done online and the approval received instantaneously. It was a seamless process. The shipment was cleared in 15 minutes as being eligible for duty-free.”