Import, trading & re-export of rough diamonds by notified entities in Bharat Diamond Bourse, Bandra Kurla Cargo Complex, Mumbai

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....iamond Bourse, Bandra Kurla Cargo Complex, Mumbai - Reg. The Central Government had announced its intent to permit the trading of rough diamonds in India by leading diamond mining companies of the world by creating a 'Special Notified Zone'. For this purpose, Dept. of Commerce / GJEPC have sought a regulatory framework under the Customs Act. After consultations with other regulators, namely, DGFT, RBI and with industry, namely, Bharat Diamond Bourse, and GJEPC, the Board has decided to introduce necessary provisions to allow and facilitate viewing/auction/sale of Rough Diamonds at Bharat Diamond Bourse, Mumbai w.e.f 1.7.2015. 2. The Precious Cargo Customs Clearance Centre at Bandra Kurla Complex, Mumbai (or PCCCC for short) is already not....

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....4.2014 or as amended from time to time. 5. The import of rough diamonds will be permitted through Air cargo mode only. No import through hand carriage or express courier service mode will be permitted. 6. The rough diamonds arriving for viewing / auctions / sale by bidding/sale by negotiation will be accompanied by a declaration of value by way of an invoice, packing list, documents of insurance and a Kimberley Process Certificate as provided in Circular no.53/2003-Cus dated 23rd June, 2003. 7. The imported parcels meant for the purpose of viewing/auctions/sales will be initially transhipped from strong room of BDB at Air Cargo Complex at Sahar to the Strong Room at PCCCC, BDB, Bandra Kurla Complex, Mumbai as per procedure being followed....

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....lot will be allowed. During the viewing/sale process, mixing of lots of the Rough Diamonds will not be permitted. 11. After the completion of viewing/sales of the rough diamonds at the SNZ, these will be re-packed, lot wise, in the same manner as had been received in the SNZ from the strong room of the BDB at the PCCCC, no later than 60 days from the date of import. The reconstituted parcels shall be sealed in the presence of customs, representatives of the mining company, M/S Bharat Diamond Bourse and M/S India Diamond Trading Centre, after tallying the carat weight with the import invoice, packing list and Kimberley Certificate and transferred to the strong room of BDB at PCCCC under customs escort. 12. A successful auction/sale by bid....