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We will also intensify our joint efforts to counter undisclosed synthetic stones entering diamond market and to support the development of generic marketing programmes for diamonds.
We will also intensify our joint efforts to counter undisclosed synthetic stones entering diamond market and to support the development of generic marketing programmes for diamonds.
At present viewing operations are being carried out in the SNZ at Mumbai wherein Foreign Mining Companies (FMCs) only display their rough diamond lots to the Indian manufacturers and then take them back.
The winding up of HDCPL is not likely to affect supply of rough diamond s to Indian diamantaires as Indian diamond industry has grown in these years and several Indian players are sightholders with top diamond producers now.
Also, with the objective to facilitate the constant supply of rough diamonds and to make India an International Diamond Trading Hub, the Government has created a Special Notified Zone (SNZ) at Bharat Diamond Bourse, Mumbai in 2015.
CBIC said that this extended time period would be available to exporters to bring back cut and polished diamonds after due certification and grading by specified laboratories abroad.
It may be noted that this relief is given to those exporters whose graded cut and polished diamonds were stuck abroad as the period of three months, ordinarily allowed for re-import had expired due to pandemic.
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