Indian diamond traders arrested in China, accused of smuggling in polished diamonds

MUMBAI: A large number of Indian diamond traders have been arrested in Mainland China for allegedly smuggling in polished diamonds from Hong Kong to avoid the 6% import tax, confirmed a source from Bharat Diamond Bourse (BDB).

The source told ET that the traders lived in China but none of them was a member of the BDB , India's diamond trading hub.

"It's to avoid the duty," he added.


News reports being forwarded on bullion groups claim 200 Indian diamond traders have been raided and arrested.