HRD Antwerp-Mumbai Diamond Imports Now Exempt from Customs Duty

Finance and Trade
31/03/2016 12:05

The Indian government on 30 March exempted from customs duty cut and polished diamonds imported by HRD Antwerp's Mumbai Diamond Institute for grading and re-export, taking the number of such entities enjoying the facility to four. In July last year, the Central Board of Excise and Customs (CBEC) had exempted from customs duties cut and polished diamonds imported for grading or certification and re-export by three laboratories and agencies. These are Mumbai-based Gemological Institute of America (GIA), Mumbai, and Surat based Indian Diamond Institute and International Institute of Diamond Grading and Research India. HRD Diamond Institute has been added to the list, as per a notification of the CBEC. As per the procedure, the laboratories and agencies while taking the diamonds in their unit have to allot a unique control number for identification purposes and maintain a separate account for such diamonds. "The diamonds imported for certification or grading shall be re-exported within a period of three months from the date of their import," as per the Handbook of Procedures notified by the Ministry of Commerce and Industry.