With the Hon’ble Finance Minister Smt Nirmala Sitharaman introducing an amendment to create a separate 8 Digit code for laboratory-grown rough diamonds as part of the Finance Bill presented before Parliament on July 5, 2019, India has introduced HS Codes for both rough and polished synthetic diamonds as follow:
- 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,
- all other synthetic gemstones in the same categories will come under the separate HS Code 7104.20.90.
This amendment comes as a big support to the Indian g&j industry in its efforts to keep the pipelines for natural and synthetic diamonds separate; and also to ensure that any attempt at mixing is easily detected and appropriate action is taken.
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.”