Re-import of certified diamond extended
Extended till October 31, 2020! G&J industry takes a sigh of relief! In a major relief to the Indian diamond industry, the Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, Department of Revenue, Government of India, at the behest of the Gem & Jewellery Export Promotion Council (GJEPC), announced an extension of three months on certified diamond re-imports in an official notification. The provision stated: “Provided 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” Under normal circumstances, diamonds sent overseas for services like grading and certification do not attract any duty if they are re-imported within a period of three months. A 7.5% Customs duty is levied on the consignment if the re-import is delayed. Given the unprecedented circumstances due to the ongoing pandemic worldwide, the Council had been pursuing with F...