Government Extends Re-import Period for exported cut & polished diamonds:

Government Extends Re-import Period for exported cut & polished diamonds The Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry recently amended the Re-import Period under Paragraph 4.43 of the Foreign Trade Policy. The Central Government has amended Paragraph 4.43 of the Foreign Trade Policy (FTP) 2023 under the powers given by the Foreign Trade (Development & Regulation) Act, 1992. The government changed this to help exporters who are facing difficulties due to the ongoing geopolitical crisis in West Asia.

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According to the existing rule, exporters who have had an annual export turnover of at least Rs 5 crore in each of the last three years, or authorised Indian offices/agencies of laboratories listed in Paragraph 4.73 of the Handbook of Procedures, are allowed to export cut and polished diamonds (each weighing 0.25 carat or more) to specified laboratories. These diamonds can be re-imported into India within three months from the date of export without paying customs duty. The zero-duty re-import facility is subject to guidelines issued by the Central Board of Customs and Excise, Department of Revenue. Now, a one-time relaxation has been given. In cases where the three-month re-import period is ending between March 1, 2026 and May 31, 2026, the re-import deadline will automatically be extended by 30 days from the original expiry date.