{"id":5181,"date":"2020-07-11T17:27:31","date_gmt":"2020-07-11T11:57:31","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=5181"},"modified":"2021-04-01T13:26:56","modified_gmt":"2021-04-01T07:56:56","slug":"trade-heaves-a-sigh-of-relief-as-govt-extends-certified-diamond-re-import-period-by-3-months-2","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/trade-heaves-a-sigh-of-relief-as-govt-extends-certified-diamond-re-import-period-by-3-months-2\/","title":{"rendered":"Trade Heaves a Sigh of Relief As Govt. Extends Certified Diamond Re-import Period By 3 Months"},"content":{"rendered":"\n<p>In a major relief to the Indian diamond industry, the Central Board of Indirect Taxes And Customs, Ministry of Finance, Department of Revenue, Government of India, at the behest of the Gem &amp; Jewellery Export Promotion Council (GJEPC), announced an extension of three months on certified diamond re-imports in an official notification. <strong>The provision stated: \u201cProvided that for the cases where the last date of re-import falls between 1st February, 2020 and the 31st July, 2020, the last date stands extended by three months\u201d<\/strong><\/p>\n\n\n\n<p>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% Customs duty is levied on the consignment if the re-import is delayed.<\/p>\n\n\n\n<p>Given the unprecedented circumstances due to the ongoing pandemic worldwide, the Council had been pursuing with 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.<\/p>\n\n\n\n<p><strong>Colin Shah, Chairman, GJEPC, said, \u201cI 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. The latest notification on the extension of three months on re-import of certified diamonds is a great respite for our exporters.\u201d<\/strong><\/p>\n\n\n\n<p><strong>Vipul Shah, Vice Chairman, GJEPC said, \u201cThe trade has been reeling under the impact of Covid-19 due to which exports to key destinations have been severely impacted. 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.\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a major relief to the Indian diamond industry, the Central Board of Indirect Taxes And Customs, Ministry of Finance, Department of Revenue, Government of India, at the behest of the Gem &amp; Jewellery Export Promotion Council (GJEPC), announced an extension of three months on certified diamond re-imports in an official notification. The provision stated:&hellip;<\/p>\n","protected":false},"author":1,"featured_media":5182,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83,96,100],"tags":[],"thb-sponsors":[],"class_list":["post-5181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin","category-diamonds","category-in-focus"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trade Heaves a Sigh of Relief As Govt. 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