“Cut and polished diamonds of 0.10 carat or above can be exported and thereafter re-imported duty free after certification by authorized laboratories,” Directorate General of Foreign Trade (DGFT) said in a notification.
Earlier this was allowed for diamonds of size 0.25 carat and above only, it said.
Welcoming the step, Gems and Jewellery Export Promotion Council Chairman, Vipul Shah said that the step will help in boosting exports of small sized diamonds.
He said that this was our major demand to allow export of cut and polished diamonds of 0.10 carat for grading and certification and then re-import it duty free.
“International players like watch industry always ask for certified small sized diamonds and it was not allowed earlier. Now Indian small sized diamonds will get space in the international market,” he added.
India’s main export markets for the cut and polished diamonds were Hong Kong, the US, UAE, Israel and Belgium.