HRD Diamond Institute gets government clearance

With the new government clearance, Mumbai-based HRD Diamond Institute is now included as one among three other laboratories and agencies from customs duty exemption, as reports say. The exemption is on cut and polished diamonds imported by these agencies for grading and certification and re-export, as per reports.

The procedure mandates that the laboratories and agencies concerned have to allot 'unique control number' for identification while taking the diamonds. These diamonds are to separately accounted for. The diamonds imported for certification or grading have to be re-exported within three months from the date of their import, as per reports.

Three other such laboratories were given an approval last July by the Central Board of Excise and Customs (CBEC) to be exempted from customs duties for cut and polished diamonds imported for the purpose of grading or certification and re-exported. The three firms include Mumbai-based Gemological Institute of America (GIA), Mumbai, Surat based Indian Diamond Institute and International Institute of Diamond Grading and Research India, as per reports.