Government issues clarification on duty exemption for imported rough and simply sawn diamonds from 2017 to 2022

The Department of Revenue, Ministry of Finance, Government of India, has issued a clarification on duty exemption for imported rough diamonds and ‘Simply Saw Diamonds’ from 2017 to 2022, bringing relief to diamond importers, some of whom have faced show cause notices. Had to do. The Gem and Jewelery Export Promotion Council observed confusion in the industry on the exemption of ‘Simply Saw Diamonds’ during this period.

The traders’ body said on its website that GJEPC had petitioned the government to clarify the parameters of duty exemption for ‘rough diamonds (industrial or non-industrial)’ for the period July 1, 2017 to February 1, 2022. were imported during. The government has now clarified that ‘Simply Saw Diamonds’ were intended to be exempted from duty along with rough diamonds during the period 2017 to 2022.

The clarification also said the duty was exempted provided the importing business obtained a Kimberly Process Certification Scheme certificate to verify the origin of the diamonds. The government acknowledged the duty exemption practice and businesses that took advantage of it will no longer face potential future claims for unpaid customs duties.

GJEPC also recently participated in an industry event to discuss the challenges faced by the Indian jewelery industry, GJEPC announced on Facebook. With the participation of officials from Almas Risk Consulting, Rosy Blue India Private Limited and State Bank of India, the discussion shared an optimistic outlook for the recovery in the coming one to two years and cautious optimism regarding exports to the US and the growing Indian middle class. to be done. ,