Finance Ministry Announces Retrospective Duty-Free Import for Simply Sawn Diamonds

The Finance Ministry announced retrospective duty-free import provisions for simply sawn diamonds, allowing importers to bring in such diamonds without paying customs duty. The move is expected to benefit the diamond cutting and polishing industry by reducing costs and enhancing competitiveness in global markets. The exemption, which applies to diamonds that have undergone only basic processing, aims to boost India's position in the global diamond trade. The retrospective nature of the duty-free import provision further ensures that past imports of simply sawn diamonds also benefit from this exemption.