CBIC Mandates Declaration of Lab-Grown Diamond Production Methods for Imports and Exports
The Central Board of Indirect Taxes & Customs (CBIC) will require that the production methods for lab-grown diamonds be declared during export and import starting December 1. This rule is meant to improve processing efficiency and support the expanding market, which is expected to reach $5 billion by 2025.
By Vishal Kumar
November 2, 2024