FTP - Duty free re-import of diamonds
GOVERNMENT has amended Para 4A.2.1 and Para 4A.2.2 of FTP to allow reduction in size of diamond from ‘0.25 carat and above' to ‘0.10 carat and above' for certification by authorised laboratories in India and abroad (and re-import duty free in case of export after certification).
Cut & polished diamonds of 0.10 carat or above can now be exported and thereafter re-imported duty free after certification by authorised laboratories. Earlier this was allowed for diamonds of size 0.25 carat and above only.
DGFT Notification No. 25 (RE-2013)/ 2009-2014, Dated: July 03, 2013