India Relents, Allows Duty-Free Diamond Certification

The government of India granted one of the country's diamond industry foremost demands and agreed to exempt certain stones from duty taxes if they were in India to begin with and only exported so that they could receive certification, the Economic Times reports.

The new ruling applies to small sized cut and polished diamonds. India's Directorate General of Foreign Trade issued the terms of the new edict, noting that the exemption used to only apply to stones weighing 0.25 carats and up, but that it would now apply to all stones weighing a minimum of 0.10 carats.

Gems and Jewelry Export Promotion Council chair Vipul Shah praised the new ruling, according to the Economic Times. Shah noted that until now, Indian diamond traders were unable to satisfy the needs of certain international players, such as the watch industry, who use small diamonds and require that they be certified.

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