India proposes tax exemption for overseas rough sellers

The Indian government has introduced a bill granting a 15-year tax holiday for foreign companies selling rough diamonds in special notified zones (SNZs).

The exemption would apply to a range of overseas-based rough sellers, including miners, brokers and aggregators, according to the bill, which the government presented to parliament on Tuesday.

It would also apply to operators of tenders and auctions, as well as sightholders – the term for De Beers’ contract customers, which often resell their rough.