MUMBAI: Cut and polished diamonds sent to three diamond grading labs in India will no longer be subject to customs duty, following a decision published by India’s Central Board of Excise and Customs this week, The Hindu reported on Wednesday
The decision applies to all diamonds sent to the Gemological Institute of America (GIA) location in Mumbai, the Indian Diamond Institute in Surat and the International Institute of Diamond Grading and Research India in Surat.
The exemption from customs duties on diamonds is expected to make these labs competitive locations for certifying polished diamonds manufactured or traded in other countries.
To qualify for a customs duty exemption, polished diamonds shipped from abroad will have to be certified and re-exported from India within three months.
