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Notification No. 55/2001-Customs dated the 16th May, 2001
Cut & Polished Diamonds Re-import after Certification/Grading
– No Addl. Customs Duty

G.S.R. (E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby exempts cut and polished diamonds falling within Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when re-imported into India after certification/grading by the laboratories/agencies mentioned in condition (iv), in terms of paragraph 8.13(b) of the Export & Import Policy, from the whole of duty of customs leviable thereon which is specified in the said First Schedule, and from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act, subject to fulfilment of the following conditions, namely:-

            (i)  Cut and polished diamonds are re-imported by gems and jewellery exporters having a track record of at least three years and having an annual average turnover of five crore rupees and above during the preceding three licensing years.

           (ii)       Each piece of cut & polished diamonds so re-imported shall not be less than 0.50 of a carat in weight.

          (iii)  Cut and polished diamonds shall be re-imported within a period of three months from the date of exportation.

           (iv)  Cut and polished diamonds shall be allowed to be re-imported only on production of certification/grading report from the following laboratories/agencies, in terms of said paragraph 8.13(b), namely:-

        (a) Gemological Institute of America (GIA);

        (b) The Robert Mouawad Campus;

        (c) International Gemological Institute (IGI);

        (d) European Gemological Laboratory (EGL) in USA;

        (e) Hoge Raad voor Diamond (HRD), Antwerp, Belgium; and

         (f) World Diamond Centre of Diamonds High Council, Antwerp, Belgium.

Explanation- For the purposes of this notification, "Export and Import Policy" means the Export and Import Policy, 1st April, 1997-31st March, 2002, published vide notification of the Government of India in the Ministry of Commerce, No. 1/1997-2002, dated 31st March, 1997, as amended from time to time.