Industry News by Nemesis

India Introduces 8 Digit HS Code for Synthetic Rough Diamonds

July 10, 2019

After an amendment was presented as part of the Finance Bill before Parliament on July 5, 2019, India has introduced 8-digit HS Codes for both rough and polished synthetic diamonds, as per a report in gjepc.org.


The new amendment bifurcates the earlier six-digit code into two categories:


a) all unworked or simply sawn or roughly shaped laboratory-created or laboratory-grown or manmade or cultured or synthetic diamonds will be covered by HS Code 7104.20.10 


b) all other synthetic gemstones in the same categories will come under the separate HS Code 7104.20.90.


GJEPC Chairman Pramod Kumar Agrawal said, “We welcome the separate HS Code for rough diamonds introduced by the government in Parliament. This will go a long way in strengthening the efforts of the Council to monitor the two pipelines and maintain their integrity.”

 

Source: Rough&Polished

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