Latest News | GJEPC Welcomes Govt's Decision to Give 3-month Extension for Certified Diamond Re-imports

Mumbai, Jul 13 (PTI) The Gem and Jewellery Export Promotion Council (GJEPC) on Monday welcomed the government's decision to extend by three months the deadline for certified diamond re-imports where the last date of re-import falls between February 1 and July 31.

"I would like to thank the government for this quick decision taken, which will help to mitigate the effects of COVID-19 on the industry. The government has been supporting the industry during this crisis. This latest notification on the extension of three months on re-import of certified diamonds is a great respite for our exporters," GJEPC Chairman Colin Shah said.

Also Read | Poco M2 Pro First Online Sale Tomorrow at 12PM IST via Flipkart; Prices, Features & Specifications.

On Sunday, the government relaxed the deadline for re-import of cut and polished diamonds, that have been sent abroad for certification and grading, by three months in the wake of the COVID-19 pandemic.

The three-month extension shall apply to all cut and polished diamonds that should have been re-imported between February 1 to July 31 this year, but which could not be brought back due to disruption on account of coronavirus pandemic situation, according to a statement by the Central Board of Indirect Taxes and Customs (CBIC).

Also Read | Realme C11 Smartphone Launching Tomorrow in India; Expected Prices, Features & Specifications.

GJEPC said that under normal circumstances, diamonds sent overseas for services like grading and certification do not attract any duty if they are re-imported within a period of three months.

A 7.5 per cent customs duty is levied on the consignment if the re-import is delayed, it added.

"Given the unprecedented circumstances due to the ongoing pandemic worldwide, the Council had been pursuing with the Finance Ministry for an extension of three months for such re-import. The Finance Ministry was quick in deciding to extend the duty exemption period," Shah said.

"The trade has been reeling under the impact of COVID-19 due to which exports to key destinations have been severely impacted," GJEPC Vice Chairman Vipul Shah said.

"In this backdrop, the extension notification will give a much-needed relief to the traders. I express my gratitude to the government for this timely support," he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)