CBIC approves new Special Notified Zone at Surat Diamond Bourse for rough diamond trade

Surat: The Central Board of Indirect Taxes and Customs (CBIC) has approved the setting up of a new Special Notified Zone (SNZ) at the Surat Diamond Bourse (SDB) in Khajod to facilitate the import, viewing, auction and sale of rough diamonds by eligible foreign mining companies.

The new SNZ will be located on the second floor of Tower-B at the Surat Diamond Bourse in Dream City. It will replace the existing SNZ at Gujarat Hira Bourse in Ichhapore, Surat. The shift was proposed by the Gems and Jewellery Export Promotion Council (GJEPC) through its wholly owned subsidiary, Surat International Diatrade Centre (SIDC).

According to the CBIC circular issued on September 28, the facility will allow eligible foreign mining companies to bring rough diamonds to India for viewing, tendering, auction or sale to Indian diamond manufacturers and traders. Unsold diamonds can be re-exported.

The new facility will begin operations only after written authorisation from the Principal Commissioner or Commissioner of Customs, Ahmedabad. The premises have already been physically inspected by Customs officials, and the layout plan has been certified by a registered architect.