Surat: The Surat branch of the Income Tax Department has launched search operations at multiple premises linked to some of the city’s leading industrialists and diamond traders. The action reportedly targeted Anil Bagdana of the Mahakal Group and his partners Tarun Bhagat and Pravin Bhoot, along with Dhiru Gajera of Laxmi Diamond. A large team of IT officials is carrying out searches at business offices, residences and project sites in Surat and Mumbai. Officials are reportedly examining fina...Read More

Surat: The Bureau of Indian Standards (BIS) has notified new diamond standards aligned with global norms, clearly stating that the term “diamond” will apply only to natural diamonds. Under the new standard, India officially adopts the terms “laboratory-grown diamond” and “laboratory-created diamond”, while expressly disallowing misleading or outdated descriptions such as “fake” or “artificial” for such stones. The standard also mandates full disclosure of treatments and prov...Read More

Surat: The US government’s decision to impose a 27% reciprocal tariff on Indian exports is expected to have a severe impact on Surat’s textile and diamond jewelry industry. The US has withdrawn the Most Favored Nation (MFN) status granted to India in the gem and jewelry sector and has imposed tariffs of 27% on cut and polished diamonds, 27% to 34.4% on polished lab-grown diamonds and synthetic stones, 32% to 34% on gold and platinum jewelry, 32% to 40.5% on silver jewelry, 30% to 34.9% on g...Read More