The Central Board of Indirect Taxes and Customs (CBIC) has approved the establishment of a customs house at the Surat Diamond Bourse (SDB).
The customs house, which measures 40,000 square feet, is now ready for usage at SDB.
Furthermore, SDB was designated as the custodian on the Indian Customs EDI System (ICES) platform,” according to an SDB release.
Because Surat International Airport is not authorized for international cargo, SDB requested space allocation for a strong room from Mumbai International Airport Ltd and transhipment approval from Mumbai Customs.
The Mumbai Customs Commissioner accepted SDB‘s appointment as a customs custodian. Once customs clearance is granted at SDB, gem and jewelry consignments can be transferred directly to Mumbai Airport, according to SDB authorities.
Lalji Patel, vice-president of the SDB committee, remarked that the customs house permission will make it easy for diamond traders to import and export from SDB. This will significantly boost the city’s diamond business. It used to take a few days to process through Mumbai.
GJEPC has set up a Special Notified Zone (SNZ) at SDB. This project seeks to improve the direct acquisition of diamonds presented to the SNZ for inspection by mining companies. According to recent budget statements, the Safe Harbour Rule will enable foreign corporations to sell raw diamonds in New Zealand at globally competitive pricing.