India Exempts 3 Labs From Duties for Imports of Cut and Polished Diamonds

22/07/2015 22:54

At a time when diamond exports have been falling, the government has decided to exempt cut and polished diamonds imported by three laboratories in India from customs duty. The Central Board of Excise and Customs said that cut and polished diamonds imported "for grading or certification and re-export out of India" by the Gemological Institute of America (Mumbai), Indian Diamond Institute (Surat) and the International Institute of Diamond Grading and Research India (Surat) would be exempt from "the whole of the duty of customs leviable thereon." India produces around 85% of the world’s cut and polished diamonds, but its facilities until recently were ill-equipped to grade and certify large quantities of the precious stones, according to the Gem & Jewellery Export Promotion Council (GJEPC). India will soon start importing diamonds from across the world for the purpose of certification.