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Tuesday, Jun 11, 2002

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Raw pearl, gems exempted from customs duty


NEW DELHI, June 10

IMPORT of raw pearls and precious or semi-precious stones into the country would not be henceforth subjected to the levy of customs duty.

This exemption from customs duty would, however, be available only on imports made through rep licence or gem rep licence issued by the Union Government under the Exim policy.

Sources said this exemption would be applicable for both natural and cultured pearls. The customs duty exemption allowed now on imports of precious or semi-precious stones is not applicable on rough diamonds. The Finance Ministry has already reduced the customs duty on import of rough diamonds to zero per cent, following an announcement to this effect in the Exim Policy for 2002-07.

Industry sources said the total value of import of raw pearls and precious stones into the country was about Rs 300 crore during 1998-1999.

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