Large consignment of polished stuck with Mumbai Customs

The parcels of polished diamonds had been sent overseas for certification
Large consignment of polished stuck with Mumbai Customs

A number of parcels of polished diamonds that had been sent overseas for certification have been held up at the Mumbai Customs for some time now, it is learnt. Trade sources place the value of the parcels at about Rs 700 crore.

It may be recalled that government had issued a notification on March 9 exempting diamonds sent overseas for certification purposes from the 2 per cent import duty that had been imposed on polished diamonds in January 2012 at the time of re-import.

Howe there were differences in the interpretation of the clause which said that the diamonds which are re-imported “should match with diamonds mentioned in the invoice in terms of value, height, circumference and weight.”

Finally, the matter was clarified by a Ministry notification dated April 18, in which it was specified that a +/- 1 mm variance in height and circumference not exceeding +/- 1 cent in weight would be allowed.

Currently all such parcels that have arrived in India after April 18, 2012 are being cleared, but the parcels that arrived in the period before that are still held up.

Sources in the industry confirm that efforts are underway to get the matter clarified by the ministry, and they are hopeful that the issue may be resolved soon.


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