The Government of India’s new Foreign Trade Policy (2015-2020) released by Minister of State (I/C) for Commerce & Industry, Nirmala Sitharaman on 1st April, 2015 has reiterated the proposal for Special Notified Zones and suggested some other key amendments related to laboratory certification and wastage norms. The GJEPC has welcomed the importance given to the G & J sector and the official statement on the SNZ.

The policy document notes, “Special Notified Zones for consignment import and export of rough diamonds which will have in place, the regulatory framework and taxation regime necessary to encourage international mining companies to sell their rough diamonds directly in India, have also been proposed. This will give the Indian diamond industry a strong competitive advantage over other diamond trading centres of the world and will also ensure a steady supply of rough diamonds in India.”

Industry will now await the details of the proposed policy framework and dates for the SNZ to become operational.

The FTP has also appointed GJEPC as the Nodal Authority for scrutinising the applications for enlistment of laboratories for export of cut and polished diamonds for certification/grading and re-import. It also announced the inclusion of Indian Diamond Institute, Surat and International Institute of Diamond Grading &Research India Pvt Ltd, Surat under the list of agencies allowed to import diamonds for certification /grading of diamonds without any import duty and re-export of the same

Modifications have also been made under the policy for maximum wastage permissible in export of gold, silver and platinum jewellery items, studded jewellery, mountings etc. Minimum value addition for jewellery and related items has also been defined.

GJEPC has also been removed from the list of Nominated Agencies.