Leading jewellery firm PC Jeweller today said the government has designated the company as nominated agency for direct import of precious metals to be used for domestic business.
The move would help the company to reduce its cost to buy precious metals, P C Jeweller Managing Director Balram Garg said.
In a filing to the BSE, PC Jeweller informed that the "company, has been designated as Nominated Agency under Paragraph 4A.4 of Foreign Trade Policy 2009-14 (RE-2012), by the Additional Director General of Foreign Trade (CLA), Ministry of Commerce & Industry, Department of Commerce"
"This permission makes the company eligible for direct import of Precious Metals (gold/silver/platinum) for domestic business," it added.
When contacted, Garg said: "We were buying precious metals from banks as only nominated agencies are allowed to import directly for domestic business. Now we are allowed to import directly from foreign suppliers".
He noted that the company's would save on the margins paid to banks for buying precious metals. "Our purchase costs will come down by 1.5-2 per cent".
Delhi-based PC Jewellers has nearly 50 showrooms across the country.
Meanwhile, the Directorate General of Foreign Trade (DGFT) has imposed a penalty of Rs 100 crore on Riddhi Siddhi Bullion and also cancelled its nominated agency certificate (NAC) for violation of RBI norms.
NAC is the mandatory document needed for direct import of precious metals.
