| Date: |
06-03-2012 |
| Subject: |
India Grants Customs Exemptions on Re-Imported Diamonds |
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India announced that it would not impose a 2% customs duty on cut and polished diamonds that are re-imported into the country after being sent for certification or grading abroad, according to the Economic Times.
Earlier this year, the government said that it would levy a 2% customs duty on cut and polished diamonds that are imported.
"Such duty will not be applicable on re-import of cut and polished diamonds (each of 0.25 carat or more) sent for certification or grading abroad to the...laboratories (listed in the notification)," the Directorate General of Foreign Trade said in a statement.
Among the authorized laboratories for certification are the Surat-based Indian Diamond Institute, the American Gem Society Laboratories in Las Vegas, the Central Gem Laboratory in Tokyo, the British-based Diamond Trading Company, the European Gemological Laboratory, the Hoge Road Voor Diamond in Antwerp, and International Diamond Laboratories DMCC in Dubai.
Source : israelidiamond.co.il
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