Surat: The Central Board of Indirect Taxes and Customs (CBIC) has formally approved the shifting of the Special Notified Zone (SNZ) linked to Surat Diamond Bourse (SDB) from Gujarat Hira Bourse (GHB) in Ichhapore to SDB’s premises at Dream City.Industry representatives said the move will strengthen diamond trading activity and industry. It will support the development of SDB as a key hub for the sector.Currently, SNZ is operated by Gems and Jewellery Export Promotion Council (GJEPC) through its subsidiary, Surat International Diatrade Centre (SIDC). GJEPC submitted a proposal to relocate SNZ to SDB. The proposal was recommended by the chief commissioner of customs, Gujarat Zone as well, after a visit.Earlier, customs had notified SDB for import and export of gems and jewellery, supporting the relocation plan within the same complex. A considerable number of consignments are imported and exported through the facility.The new facility is designed to enable foreign mining companies to import rough diamonds into India for viewing, tendering, auction and sale to Indian manufacturers and traders, with provisions for re-export of unsold lots.Under the approved operating framework, imported rough diamond parcels meant for viewing and sale will be transhipped from Air Cargo Complex at Sahar, Mumbai, to SDB.“SNZ operating at SDB will not only help the bourse grow further, but it will prove useful for small manufacturing units to source roughs locally. They will not have to go to Dubai, and SDB has good infrastructure,” said Lalji Patel, vice-chairman of SDB.“Currently the notification has come for SIDC; meanwhile, we have already requested permission for the 14th and 15th floors. Around 42,000 sq feet of space has been identified for the expansion of the SNZ,” he added.“Rough trading used to take place in other countries and roughs would ultimately came to Surat for polishing. Due to SNZ, the auction company can sell it here directly with tax relaxations, and this will boost the trade,” said Govind Dholakia, chairman, SDB.Meanwhile, industry leaders are focusing on developing infrastructure at Surat International Airport as well to facilitate import and customs clearance of rough diamonds. Currently, parcels come to India at Mumbai and then reach the city by road.
