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The Finance Ministry, on Sunday, relaxed the requirement of re-import of cut and polished diamonds by three months.
The Covid pandemic necessitated this extension to the gems and jewellery sector.
“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,” said theCentral Board of Indirect Taxes and Custom (CBIC). Further, this extension will apply to all cut and polished diamonds that should have been re-imported between February 1 and July 31, but could not be brought back due to disruption on account of the pandemic.
The CBIC said that the required notification has already been issued. The re-import in the extended period would be without payment of Basic Customs Duty (BCD) and IGST. This facility is available to exporters with average annual export turnover of ₹5 crorefor the last three years.
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 the pandemic. A number of such consignments were also pending clearance with the Customs. These diamonds can now be received back by the exporters.
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