Customs exemption for cut and polished diamonds permits duty-free import for grading subject to bond, documentation and re-export conditions. Exemption from customs duty and integrated tax is available for cut and polished diamonds imported for grading or certification by specified laboratories and agencies, conditional on furnishing a general bond, detailed bill of entry and shipping bill descriptions with an 'only for certification and grading' endorsement, allocation of a unique control number and separate accounts, cross-referencing of import and export documents, submission of a certificate confirming identity of re-exported diamonds, compliance with foreign exchange realisation/waiver procedures, allowance of Customs audits, quarterly reporting, and re-export within the prescribed time limit from the port of import.