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of <h1>Finance Ministry Updates Import Procedures for Diamonds and Stones, Expands Duty Exemptions, and Eases Bond Requirements.</h1> The circular issued by the Ministry of Finance addresses the procedures for importing rough diamonds and other precious or semi-precious stones under various licensing schemes of the EXIM Policy. It supersedes a previous notification, expanding duty exemptions to include raw pearls and certain replenishment licences. It outlines that importers with significant turnover may provide a bond without a bank guarantee, while others must provide both. The circular also details the obligations and procedures for different licence types, including Diamond Imprest and Bulk Licences, emphasizing the need for compliance with export obligations and proper accounting, while reducing the administrative burden on importers.
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