Surat International Diatrade Centre declared a Special Notified Zone
The Ahmedabad principal commissioner of customs has declared the Surat International Diatrade Centre a Special Notified Zone which will begin to function as such later in the year to help grow the area’s diamond industry.
The Gem and Jewellery Export Promotion Council has been petitioning to have the SIDC at the Gujarat Hira Bourse declared as a SNZ and, on January 16, the organisation was successful. The area is now declared “as a customs area for the purpose of import, trading and re-export of rough diamond and such other similar items which may be specified from time to time,” the GJEPC reported on its website.
Gujarat-based small and medium enterprises will now be able go directly to mining companies for their rough diamonds. This will allow them to save time and money by being able to source their rough diamonds locally instead of having to travel to Mumbai.
The GJEPC hopes that the move will bring large international businesses to the area. “A large number of reputed world diamond companies like De Beers, Dominion Diamond Corp, Rio Tinto, Alrosa, [and] Okavango Diamond Company have expressed their willingness to hold their auction/ viewing at Surat, if the necessary infrastructure is available and the required statutory permissions are granted,” the GJEPC said.
The SIDC has taken an approximately 3,000 square foot patch of land on lease from the Gujarat Hira Bourse in Ichhapore, Surat to set up its diamonds viewing facilities. The SIDC will now carry out the final routine procedures before it opens as a SNZ.
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