Government extends certified diamond re-import period by three months
Jul 13, 2020
The Union Government’s Finance Ministry has agreed to the Gem and Jewellery Export Promotion Council’s request to extend the certified diamond re-import period by three months, to aid diamond businesses.
As the Indian diamond industry struggles to recover from the effects of coronavirus and the pan-India lockdown, the Ministry of Finance’s Central Board of Indirect Taxes And Customs has granted diamond businesses extra time to re-import diamonds sent abroad for services such as grading and certification.
The Finance Ministry’s official notification stated that, “for the cases where the last date of re-import falls between 1st February, 2020 and the 31st July, 2020, the last date stands extended by three months,” the GJEPC reported on its website.
Prior to the pandemic, diamonds sent abroad for grading and certification would not attract customs charges if they are re-imported into India within three months, with 7.5% customs duty thereafter.
As Covid-19 has led to the closure of many international borders and halted trade, the GJEPC has requested the government to grant this extension.
“I would like to thank the Government for this quick decision taken, which will help to mitigate the effects of Covid-19 on the industry,” said GJEPC chairman Colin Shah, the GJEPC reported.
“The Government has been supporting the industry during this crisis. The latest notification on the extension of three months on re-import of certified diamonds is a great respite for our exporters.”
“The extension notification will give a much-needed relief to the traders,” said GJEPC vice-chairman Vipul Shah. “I express my gratitude to the Government for this timely support.”
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