New import norms for diamond merchants
A Mumbai Customs directive has laid down new procedures for importing rough diamonds, which seek details on origin, size, shape, type, colour and clarity of diamonds from overseas. The fact that even a minute discrepancy may invite seizures and huge penalties has become a cause of concern for the traders. This appears to be a valid concern since it is felt that exporters lack the kind of details that are required by the customs as these minerals lack homogeneity and there might be differences in the way in which they are priced. There’s also the fear that there may be a shift in trade to other destinations like China.