New Delhi, Feb 25 (KNN) The Directorate General of Foreign Trade (DGFT) has extended the facility for export and re-import of cut and polished diamonds at zero duty for the purpose of certification and grading to the authorised offices or agencies in India of laboratories.

Making an amendment in the Foreign Trade Policy(FTP) 2015-20, DGFT said, “"An exporter (with annual export turnover of Rs 5 crores for each of the last three years) or the authorised offices I agencies in India of laboratories mentioned under paragraph 4.74 of Handbook of Procedures may export cut & polished diamonds (each of 0.25 carat or above) to any of the agencies/laboratories mentioned under paragraph 4.74 of Handbook of Procedures 2015-20 with re-import facility at zero duty within 3 months from the date of export”.

Such facility of export and subsequent reimport at zero duty will be subject to guidelines issued by Central Board of Customs & Excise, Department of Revenue.

India's Gem & Jewellery Export Promotion Council's provisional statistical data for the period April-December 2016 (GJEPC) shows a 22.51 percent rise in cut and polished diamond exports during December 2016.