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of <h1>India Revises Customs Duties: 2% on Diamonds & Platinum, Exemptions for Semi-Processed Diamonds, Conditional Duties on Gold & Silver</h1> The Government of India, through the Ministry of Finance, has amended the customs duty rates for certain precious materials effective January 17, 2012. Non-industrial diamonds, including lab-grown diamonds, and platinum are now subject to a 2% duty. Semi-processed or broken diamonds are exempt from duty. Gold dore bars with less than 95% gold content and silver dore bars with less than 95% silver content are exempt from duty but subject to 1% and 3% duties, respectively, under specific conditions. These conditions include direct shipment, proper documentation, and intended use for refining to higher purity bars.
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