Surat Dream City may get Diamond Notified Region status
 Source : Agencies  Date : 24-Nov-2014

Surat, November 24: Announcement to make proposed Surat dream city area as the first diamond notified region of India could be made during the Vibrant Gujarat summit in January.

With a decision in this regard, global diamond mining firms like DTC Alrosa, BHP-Billiton etc will be able to have their office in notified region to sell rough diamonds directly.

At present site holders and non site holders of Surat and Mumbai have to purchase rough diamond from Antwerp, Botswana, Zimbabwe, Israel and Dubai. Companies need to set up their trading infrastructure in these countries. With a decision to make dream city a notified area, they will no longer need to go abroad.

Due to certain complicated tax policies, consignment based rough diamond import is not permitted in India. If government simplifies this policy, diamond mining companies can start their trading offices in Surat and get tax concession, financial benefit and incentives.

Those diamond merchants who are not site holder of diamond mining companies will get benefit of rough diamond auction. With this the harmful practice of purchase of rough diamonds on premium rate will stop. Not only this but diamond merchants will get benefit of changing value of INR against USD.

A delegation of diamond merchants had visited union minister Seetharaman and demanded notified zone in proposed dream city which is going to come up over a land allotted by the state government near Khajod.

The response of union minister was positive, and according to Mathurbhai Savani, spokesperson of Surat Diamond Bourse, Prime Minister Narendra Modi is likely to make announcement on this in upcoming Vibrant Gujarat summit.