The Indian Central Board of Excise and Customs (CBEC) has exempted three diamond laboratories operating in India from customs duty, reported The Hindu.
Cut and polished goods imported for grading or certification and then re-exported from the country by the GIA (Mumbai), the Indian Diamond Institute (Surat) and the International Institute of Diamond Grading and Research India (Surat) are exempt from customs duties. The move comes in the face of falling diamond exports.
Diamonds imported into India for the purpose of certification must be re-exported within three months to be eligible for the exemption, said a notification from the CBEC.
The Hindu said that strict checks will be enforced to verify that the diamonds being re-exported are the same as those that were imported.
Source:idexonline.com
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