Now Reading: Bill Proposes 15-Year Tax Exemption for Rough Diamond Traders
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Bill Proposes 15-Year Tax Exemption for Rough Diamond Traders
Bill Proposes 15-Year Tax Exemption for Rough Diamond Traders
The Taxation and Other Laws (Amendment) Bill, 2026, proposes a 15-year income tax exemption for eligible foreign companies trading rough diamonds through Special Notified Zones. The exemption would apply to income from…
The Story in Brief
The Taxation and Other Laws (Amendment) Bill, 2026, proposes a 15-year income tax exemption for eligible foreign companies trading rough diamonds through Special Notified Zones. The exemption would apply to income from sales made between October 1, 2026, and March 31, 2041. It is intended to help Indian manufacturers buy directly from miners, auctions and traders under a more competitive tax regime.
The measure covers sightholders, brokers, aggregators and auction entities. It applies to unworked, sawn, cleaved and bruted stones. The Gem and Jewellery Export Promotion Council welcomed it. Industry representatives have sought timely compliance rules, Foreign Trade Policy changes and customs amendments before implementation at Bharat Diamond Bourse and Surat.
The Indian Opinion
The proposal could strengthen India’s position in rough diamond trading, but claims of a rapid global shift appear premature. Its effect will depend on compliance rules, customs procedures and the operation of the notified zones. Industry support reflects expected benefits, but miners and international traders will weigh actual costs and certainty. The policy should therefore be assessed after implementation rather than on ambition alone.
Source: economictimes.indiatimes.com
This story was synthesised by AI from the source linked above.
