India Government Exempts Customs Duty on Re-import of Polished Diamonds

The government of India exempted the re-import of cut and polished diamonds sent for certification or grading abroad from the 2 per cent basic customs duty.

The government has imposed basic customs duty of 2 per cent on import of cut and polished diamonds on January 16.

"Such duty will not be applicable on re-import of cut and polished diamonds (each of 0.25 carat or more) sent for certification/ grading abroad to the...laboratories (listed in the notification)," the Directorate General of Foreign Trade (DGFT) said in a notification.

The authorised laboratories for certification or grading of diamonds include - Indian Diamond Institute, Surat; American Gem Society Laboratories, Las Vegas; Central Gem Laboratory, Tokyo; Diamond Trading Company, UK; European Gemological Laboratory, USA; Hoge Road Voor Diamond, Antwerp and International Diamond Laboratories DMCC, Dubai besides few others.