Valuation & Provisional Assessments Under Customs: Gems, Precious and Semi-Precious Stones – An Understanding

Valuation is one of the most crucial aspect for an organisation engaged in import and export of gems, precious and semi-precious stones considering high value transactions. This also necessitates that the value adopted for custom duty purpose is properly documented with contemporaneous evidence so that the valuation is not questioned by the customs department at the time of enquiries, audits, scrutinizes or investigation proceedings.