Gems & Jewellery Export Promotion Council represented to the government for setting up an SNZ at Surat in lines with the one at Bharat Diamond Bourse, Mumbai permitted vide Circular No. 17/2015 dated May 26, 2015.
It was submitted that Surat is the hub for diamond cutting and polishing industry dealing mostly in small gemstones. However, the availability of raw material at competitive prices to SMEs of this sector has remained a cause of major concern and thus the present request is with a view to give direct access of the SMEs of the sector to the mining companies.
CBIC vide Circular No. 36/2019 – Customs dated October 31, 2019, has allowed Surat Hira Bourse in terms of Section 8 of the Customs Act interalia for the purpose of storage and clearance of import and export cargo of diamonds.
Further, the extensive and detailed rules, the procedure for availing the newly provided benefits have been prescribed in the said circular.
Read more at: http://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-circulars/cs-circulars-2019/Circular-No-36-2019.pdf