(Rishitha Jaladi, Intern Journalist) China: A huge number of Indian diamond merchants have been arrested in Mainland China for allegedly smuggling polished diamonds from Hong Kong to keep away from the 6% import tax, proven a supply from Bharat Diamond Bourse (BDB).
The supply instructed ET that the merchants lived in China however none of them used to be a member of the BDB, India’s diamond buying and selling hub.
“It’s to keep away from the duty,” he added.
News reviews being forwarded on bullion companies declare 200 Indian diamond merchants have been raided and arrested.
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