Quick Summary
In view of COVID-19 pandemic situation, the Government today extended relief to gems and jewellery sector by relaxing the requirement of re-import of cut and polished diamonds, which have been sent abroad for certification and grading, by three months. 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. This extension shall apply to all cut and polished diamonds t
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FAQ :
The government has extended the re-import period for cut and polished diamonds by three months.
The extension has been granted due to disruptions caused by the COVID-19 pandemic, which prevented exporters from re-importing diamonds within the original timeframe.
This extension applies to cut and polished diamonds sent abroad for certification and grading that should have been re-imported between February 1st, 2020, and July 31st, 2020.
Yes, re-import within the extended period will be without payment of Basic Customs Duty (BCD) and IGST.
This facility is available to exporters with an average annual export turnover of Rs. 5 crore for the last three years.
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