In a major relief to the Indian diamond industry, the Central Board of Indirect Taxes And Customs, 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 the 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 Finance Ministry for an extension of three months for such re-import. The Finance Ministry was quick in deciding to extend the duty exemption period.
Colin Shah, Chairman, GJEPC, said, “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. 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.”
Vipul Shah, Vice Chairman, GJEPC said, “The trade has been reeling under the impact of Covid-19 due to which exports to key destinations have been severely impacted. In this backdrop, the extension notification will give much-needed relief to the traders. I express my gratitude to the Government for this timely support.”
News Source: diamondworld.net
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.