A new government policy in India has provided a boost to the fast growing gems and jewellery export market.

The new Exim Policy has allowed units in Special Economic Zones (SEZ) and Export Oriented Units to bring in gold, silver and platinum against their export earnings.

Commerce Minister Arun Jaitley unveiled the new policy today (March 31st) in New Delhi.

In addition, the policy said nominated agencies will be permitted to accept payment in dollars for the cost of import of precious metal from Export Earning Foreign Currency account of exporters.

The policy also allows SEZ units to sell all products, including gems and jewellery, through exhibitions and duty-free shops or those in foreign land.

Until now gems and jewellery exporters could only bring their export earnings in cash but now they can bring export proceeds in kind.