India Proposes Tax Exemption for Overseas Rough Diamond Sellers
The Indian government has introduced a bill proposing a 15-year tax exemption for foreign companies selling rough diamonds in special notified zones (SNZs). This exemption aims to enhance India's position as a leading diamond-manufacturing hub by allowing small-scale manufacturers to buy directly from overseas sellers. The bill, which still requires ratification, would exempt proceeds from rough sales from being counted towards a company's taxable income, provided the sales occur in designated SNZs like Mumbai's Bharat Diamond Bourse. The move is expected to streamline operations and reduce unnecessary movement of rough diamonds. 
