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India's CBIC Introduces Regulations for Lab-Grown Diamonds: Manufacturing Method Disclosure Required for Trade
Diamond World
|November - December 2024
Starting December 1, the Central Board of Indirect Taxes & Customs (CBIC) will require all exporters and importers to specify the manufacturing method of grown diamonds during customs declarations, aiming to streamline the processing and inspection of lab-grown diamond consignments.
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The updated norms, impacting labgrown diamonds align with the CBIC's goal to improve trade facilitation. This growing market, which was valued at $1 billion globally in 2020, is expected to surge to $5 billion by 2025, and could reach over $15 billion by 2035, highlighting the need for more efficient import-export protocols.
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