Surat Diamond Bourse (SDB) has completed all necessary formalities as of Tuesday for its newly established customs house, spanning 40,000 square feet. According to an official statement from SDB, the Central Board of Indirect Taxes and Customs (CBIC) has formally recognized SDB under the Customs Act. SDB has also been integrated into the Indian Customs EDI System (ICES).
Due to Surat International Airport’s limitation in handling international cargo, SDB has sought logistical support from Mumbai International Airport Ltd. They have secured approval from Mumbai Customs for a strongroom and transshipment facilities. On Tuesday, the Mumbai Customs Commissioner approved SDB as a customs custodian. Once customs clearance is granted at SDB, gem and jewellery consignments can be directly processed at Mumbai airport, as confirmed by SDB officials.
Lalji Patel, vice-president of the SDB committee, emphasized that the customs house approval will streamline import and export processes for diamond traders, significantly reducing processing times previously required via Mumbai.
Furthermore, the Gem and Jewellery Export Promotion Council (GJEPC) has established a Special Notified Zone (SNZ) at SDB. This initiative aims to facilitate direct procurement of diamonds for viewing by mining companies. Recent budgetary announcements have introduced the Safe Harbour Rule, enabling foreign companies to sell rough diamonds in SNZ at globally competitive prices.
These developments are anticipated to enhance operational efficiency and promote Surat as a prominent global hub in the diamond industry.
