Both Houses of Parliament have passed the Taxation and Other Laws (Amendment) Bill, 2026, marking a major policy boost for India’s ambitions to become a global centre for rough diamond trading.
The legislation provides eligible foreign diamond miners, sightholders and auctioneers operating through notified Special Notified Zones (SNZs) with a 15-year income-tax exemption on rough diamond sales, valid until March 31, 2041.
With centres such as the Surat Diamond Bourse and Bharat Diamond Bourse positioned to benefit, the reform is expected to attract greater international rough diamond trading to India and strengthen the domestic diamond ecosystem.
Govindbhai Dholakia, Chairman of SRK Exports, thanked Finance Minister Nirmala Sitharaman for the landmark initiative, calling it an important step towards removing long-standing hurdles and strengthening India’s position in the global diamond trade.
The move is also expected to support 1–1.5 million artisans, polishers and SME personnel directly and indirectly associated with the sector.
