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Press Information Bureau
Government of India
Ministry of Finance
04-May-2012 16:56 IST
Exemption of Customs Duty
Cut and polished diamonds sent abroad and re-imported after certification/ grading by the laboratories/ agencies as notified in the Foreign trade Policy have been exempted from two percent basic customs duty with effect from 9.3.2012. The exemption is a facilitation measure to ensure that the domestic cutting and polishing industry does not suffer additional duty burden owing to the utilization of grading and certification services abroad.
This information was given by the Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question in the Lok Sabha today.
SS//SL
Customs duty exemption for re-imported certified diamonds ensures relief for domestic cutting and polishing industry. Cut and polished diamonds exported for grading or certification by laboratories or agencies notified under the Foreign Trade Policy and subsequently re imported are granted a customs duty exemption to prevent the domestic cutting and polishing industry from bearing an additional duty burden when certification or grading services are obtained abroad.Press 'Enter' after typing page number.