fbpx
Over 10 years we help companies reach their financial and branding goals. Maxbizz is a values-driven consulting agency dedicated.

Gallery

Contact

+1-800-456-478-23

411 University St, Seattle

maxbizz@mail.com

diamond business registration in India

How to Register your Diamond Trading Business in India?

Diamonds are used widely, from fashion jewelry to medical equipment. A diamond dealer gets their supply by contacting diamond mine owners and further selling these diamonds to retailers or jewelers. You should take the risk factor into account in addition to having extensive knowledge of the diamond market. As diamond dealers, traders, and brokers have substantial stakes, you must collaborate with reliable people.

It is significant to note that starting a diamond trading company requires a workable startup budget, as well as the capacity to network with and market to high profile clients of the society. If you truly want your diamond trading business to succeed, you must be ready to target this group of people, who can purchase this luxurious commodity.

Do You Wish To Start A Diamond Trading Business?

To register your diamond trading business in India, you would be needing the following documents and licenses:

1. Register Your Company With MCA: 

This can be started on the MCA portal itself, followed by arranging the required paperwork and getting the same verified by RoC along with the stamp duty, etc. After completing all the necessary steps, you can obtain Certificate of Incorporation from RoC.

To register your business hassle free, click here and let Legalite handle the rest.

2. PAN And TAN Number: 

PAN is assigned to all the taxpayers in India as an identification number. PAN number is a single number which is an electronic system and has all the tax related information for a company or for a person.

Assuming you already have a PAN Number, below are some steps to register for your TAN Number.

TAN is required by all individuals because without it Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) returns are not accepted by TIN facilitation centers. Banks do not accept the challans for TDS/TCS payments if TAN is not quoted.

Applicants can apply for a new TAN either by applying online or by visiting any of the TIN facilitation centers of Protean eGov Technologies Limited. To apply online for a new TAN, applicants can visit NSDL.

Offline, the application form i.e. Form 49B can be obtained from any of the nearest TIN facilitation centers.

3. Bank Account: 

Obtain a Bank account specifically for your company where your transactions take place. It helps with liability and identity protection as follows:

If your business should endure a lawsuit and your personal finances are mingled in with your business finances, a case could be made that they are not, in fact, separate entities. Business bank accounts can also help keep your personal identity safe.

4. Trade License

A trade licence is a certificate that authorises the applicant (the individual looking to start a business) to start a specific trade or business in a specific place. It makes sure that all safety regulations set forth by the State Municipal Corporation are followed when conducting business or engaging in commerce. It is distributed by the municipal corporation’s licencing division in a number of areas, including industries, engineering, health, etc.

  1. The following criteria must be met in order to apply for a trade licence:
  2. The candidate needs to be older than 18 years old.
  3. There shouldn’t be any criminal history on the candidate.
  4. The business should be legally permissible

Documents required for applying for Trade license:

How to Apply?

You can apply online or offline for the trade license through the local municipal corporation.

Trade License Fees

The trade license fees vary from state to state since it is issued by the government agencies (Municipals) of the respective state. The license fees are determined based on the rules and regulations prevailing in that respective state. In some states, trade license fees are charged on an annual basis. Whereas, in other states, it is calculated based on the percentage of annual business turnover.

5. GST: 

GST Registration process is online based and must be carried out on the government website gst.gov.in. Every dealer whose annual turnover exceeds Rs.20 lakh (Rs.40 lakh or Rs.10 lakh, as may vary depending upon state and kind of supplies) has to register for GST.

To register for GST with Legalite click here. 

6. Export and Import License: 

According to DGFT Notification No. 21/2002-07, no supply of diamonds may be imported or exported unless a Kimberley Process Certificate is also included, as required by the steps laid out by the Gem and Jewelry Export Promotion Council (GJEPC). Visit the DGFT website if you want to obtain an export and import license. Register for an account at IEC Profile Management. Fill out the application form (ANF 2A format) on the DGFT website to request for the IEC option .

Click here to Apply for Export and Import code with Legalite.

7. IGI or GJEPC: 

Additionally, you might also register your firm with the GJEPC (Gem & Jewelry Export Promotion Council) or IGI (International Gemological Institute) for better brand value and customer satisfaction.

GJEPC: To promote the export of the Indian Gem and Jewelry and its products, the Ministry of Commerce; the Government of India established the Gem and Jewelry Export Promotion Council (GJEPC).GJEPC membership fosters enriching professional relationships. It provides opportunities to grow and enhance your business via planned interactions with the global gems and jewelry community.

IGI: The International Gemological Institute is the largest independent gem lab in the world. It is headquartered in the heart of the diamond trade, Antwerp, where De Beers also has major operations. The company also has offices in several diamond centers worldwide, such as New York, New Delhi, Surat, Hong Kong, Dubai, Shanghai, and Tel Aviv, among others.

Here are the links for the websites and details about registration and eligibility for the same:

  1. IGI: https://www.igi.org/
  2. GJEPC: https://gjepc.org/apply-for-membership.php

8. Trademark Registration: 

An individual can file for the registration of his trademark himself. The application can be filed online through the e-filing gateway available at the official website or in writing with the Indian Trademark Office (TMO). 

Advantages of Trademark registration include:

  • Exclusive rights to use the trademark
  • The registered trademark owns the brand value
  • Securing business goodwill
  • Provides its owners with a legal protection
  • Ease of making advertisements and strong public relations

The whole process of brand name registration takes anywhere around 6-12 months. The brand name accepted for trademark registration will remain valid for an unlimited period of time subject to time renewal of the registered trademark. A registered trademark application needs to be maintained by renewing the same every ten years. 

Click here to Apply for quick Trademark registration with Legalite.

9. ISO Certificate: 

The International Organization for Standardization is referred to as ISO. It is an independent organization that sets standards for the effectiveness, safety, and caliber of goods and services offered by companies. Delivering high-quality goods and services is crucial in the current corporate environment of fiercer competition in order to remain competitive. The overall effectiveness of the business and your company’s credibility both benefit from ISO certification.

Choosing the type of ISO Certification

First of all, you need to choose the type of ISO certification required for your business. There are various types of ISO certification available such as : 

  • ISO 9001:2008 –    Quality Management 
  • ISO 14001        –     Environmental Management 
  • ISO 27001       –      Information security Management 
  • ISO  22008      –      Food Safety Management and so on.

Here, ISO 9001:2008 is required for a Diamond Trading Business.

Click here to Apply for quick ISO registration with Legalite.

10. Jewel License: 

According to the Shops and Establishments Act, every business must register with the local Inspector. Following completion of this within one month of the business’ establishment, an inspector must receive a statement.

Your letter to the inspector will include the following information:

  1. Name of the business
  2. The business’s name and address, including its postal address,
  3. Class of business
  4. The number of staff
  5. When the establishment first opened for business.

The Shops and Establishments Act requires the following documents for registration:

  1. Commercial Address Verification
  2. Identity Validation
  3. the Pan Card
  4. Payment Challan for fees paid.

Depending on the number of employees and labor you have, the processing charge for this license often ranges from 125 to 12,500 rupees. A jewelry store license shall be issued immediately if all the details in the application are accepted.

Conclusion

After learning everything there is to know about how to launch a diamond business, we would like to emphasize that this business should never serve as a hobby. Certainly, there are opportunities for high profit margins, but to get there, you must plunge into the depths of the industry. The diamond trading business, which relies on your marketing abilities and trust in the marketplace, is where your expertise and relationships have the largest influence.

We hope with this article we could educate our readers and help them in their entrepreneurial journey. It would be great if you could share your valuable feedback. We also recommend surfing our website www.legalite.in  to know more about various Corporate Solutions offered by Legalite.

Author

admin

Comments (489)

  1. Eotlbv
    January 29, 2024

    order tizanidine online cheap zanaflex oral zanaflex brand

  2. heer vaghasia
    February 12, 2024

    great job and thanks for helping me .you clear my all doubt

  3. Lsmacd
    March 1, 2024

    medrol brand buy medrol buy methylprednisolone paypal

  4. Npliql
    March 9, 2024

    buy ondansetron no prescription zofran buy online aldactone 25mg over the counter

  5. Liqqts
    March 11, 2024

    buy ampicillin generic amoxil tablets buy generic amoxil over the counter

  6. Yxueye
    March 13, 2024

    finasteride buy online propecia 1mg usa order fluconazole 100mg online cheap

  7. Koen Acevedo
    March 13, 2024

    Nice post. I learn something totally new and challenging on websites

  8. Bvnfpr
    March 19, 2024

    purchase valtrex without prescription – buy diltiazem pills zovirax 400mg over the counter

  9. Yqfnij
    March 19, 2024

    ivermectin 3mg without prescription – sumycin order order sumycin 250mg pills

  10. Gotkjr
    March 29, 2024

    seroquel 100mg pill – bupron SR ca eskalith without prescription

  11. Ihvnyq
    March 30, 2024

    anafranil medication – celexa brand order generic sinequan

  12. Adfpfi
    April 19, 2024

    order prandin for sale – prandin 1mg drug order empagliflozin 10mg generic

  13. JustinNug
    April 25, 2024

    п»їlegitimate online pharmacies india https://indiaph24.store/# top 10 pharmacies in india
    top 10 pharmacies in india

  14. Randallsal
    April 26, 2024

    lisinopril 20 mg discount: otc lisinopril – lisinopril pills

  15. Randallsal
    April 27, 2024

    lisinopril 420 1g: prinivil – buy zestril online

  16. Randallsal
    April 27, 2024

    buy cheap lisinopril 40mg: lisinopril 200 mg – prescription drug lisinopril

  17. Randallsal
    April 28, 2024

    buy propecia for sale: generic propecia – buy cheap propecia without a prescription

  18. DavidTub
    April 28, 2024

    cheapest price for lisinopril india prinivil cost lisinopril 20 mg purchase

  19. JamesNut
    May 1, 2024

    Buy generic 100mg Viagra online: viagras.online – Cheap Sildenafil 100mg

  20. GeorgeBaX
    May 1, 2024

    buy kamagra online usa: kamagra.win – sildenafil oral jelly 100mg kamagra

  21. DonaldHar
    May 2, 2024

    indian pharmacy paypal: india pharmacy – pharmacy website india

  22. Williamgaw
    May 2, 2024

    best online pharmacy no prescription: cheapest pharmacy – no prescription required pharmacy

  23. Williamgaw
    May 2, 2024

    canadian pharmacy discount code: online pharmacy – canadian pharmacy no prescription needed

  24. Williamgaw
    May 3, 2024

    best no prescription pharmacy: cheapest pharmacy – foreign pharmacy no prescription

  25. CharlesBlozy
    May 5, 2024

    neurontin generic south africa: neurontin india – neurontin cost generic

  26. Richardepimi
    May 6, 2024

    doxycycline generic: doxycycline – buy doxycycline online without prescription

  27. Kaiyzu
    May 8, 2024

    cenforce knee – brand viagra pills tunnel

  28. Berber Koltukları
    May 8, 2024

    The information you provided was very useful to me, thank you.Berber Koltukları

  29. MarvinGuele
    May 8, 2024

    zithromax prescription online zithromax 500mg generic zithromax 500mg

  30. CharlesBlozy
    May 9, 2024

    buy doxycycline without prescription: doxycycline 500mg – doxycycline 200 mg

  31. RobertNum
    May 12, 2024

    mexican online pharmacies prescription drugs: mexico pharmacy – mexico drug stores pharmacies

  32. ThomasLab
    May 12, 2024

    mexico drug stores pharmacies: mexican rx online – buying from online mexican pharmacy

  33. ThomasIdedo
    May 14, 2024

    Abortion pills online: cytotec online – buy misoprostol over the counter

  34. ThomasIdedo
    May 15, 2024

    buy cheap propecia tablets: buy cheap propecia – cost cheap propecia no prescription

  35. Charlesenemn
    May 17, 2024

    how to buy prescriptions from canada safely cheapest and fast buying online prescription drugs

  36. Antoniasteda
    May 21, 2024

    farmacias direct: farmacia barata Рfarmacias online seguras en espa̱a

  37. Antoniasteda
    May 22, 2024

    Farmacia online migliore: top farmacia online – comprare farmaci online all’estero

  38. Edwardlitty
    May 23, 2024

    Pharmacie Internationale en ligne: pharmacie en ligne – pharmacie en ligne france livraison internationale

  39. IgnacioSor
    May 24, 2024

    pharmacie en ligne france livraison internationale: kamagra 100mg prix – Pharmacie Internationale en ligne

  40. XRumer23Tourl
    May 25, 2024

    Hello.

    This post was created with XRumer 23 StrongAI.

    Good luck 🙂

  41. AllenSpoft
    May 26, 2024

    Achat mГ©dicament en ligne fiable: kamagra oral jelly – pharmacies en ligne certifiГ©es

  42. XRumer23Tourl
    May 26, 2024

    Hello!

    This post was created with XRumer 23 StrongAI.

    Good luck 🙂

  43. AllenSpoft
    May 27, 2024

    trouver un mГ©dicament en pharmacie: cialis prix – vente de mГ©dicament en ligne

  44. AllenSpoft
    May 27, 2024

    pharmacie en ligne livraison europe: kamagra 100mg prix – pharmacie en ligne sans ordonnance

  45. AllenSpoft
    May 29, 2024

    pharmacie en ligne france livraison belgique: pharmacie en ligne – pharmacie en ligne france pas cher

  46. AllenSpoft
    May 29, 2024

    vente de mГ©dicament en ligne: Acheter Cialis – pharmacie en ligne sans ordonnance

  47. AllenSpoft
    May 30, 2024

    vente de mГ©dicament en ligne: kamagra 100mg prix – pharmacie en ligne pas cher

  48. AllenSpoft
    May 31, 2024

    pharmacie en ligne france fiable: achat kamagra – pharmacie en ligne

  49. AllenSpoft
    June 1, 2024

    pharmacie en ligne france fiable: Acheter Cialis – pharmacie en ligne livraison europe

  50. GeorgeGus
    June 2, 2024

    Achat mГ©dicament en ligne fiable: pharmacie en ligne – Pharmacie sans ordonnance

  51. AllenSpoft
    June 3, 2024

    pharmacie en ligne fiable: kamagra pas cher – Achat mГ©dicament en ligne fiable

  52. AllenSpoft
    June 4, 2024

    trouver un mГ©dicament en pharmacie: pharmacie en ligne – п»їpharmacie en ligne france

  53. EdwardSom
    June 23, 2024

    pin-up 141 casino: pin-up kazino – Pin Up Azerbaycan ?Onlayn Kazino

  54. EdwardSom
    June 23, 2024

    Pin Up Azerbaycan ?Onlayn Kazino: Pin-Up Casino – Pin Up Azerbaycan

  55. EdwardSom
    June 24, 2024

    Pin Up Azerbaycan: pin-up360 – Pin Up Azerbaycan ?Onlayn Kazino

  56. Qnycdt
    June 27, 2024

    hydroxyurea over the counter – ethionamide usa buy methocarbamol generic

  57. DonaldPep
    June 29, 2024

    mexican border pharmacies shipping to usa
    https://cmqpharma.online/# mexico drug stores pharmacies
    pharmacies in mexico that ship to usa

  58. Box
    July 3, 2024

    Good day i play a game and ask cash out but no the money is not getting into account they say seven working days Slots are by far the most popular casino games to play with PayPal deposits. In fact, many of the top real money online casinos that accept PayPal happen to be the very best slots sites. Their lobby often features hundreds of online slots. You’ll find anywhere between 200 and 300+ games available. The biggest issue would be which online slot you should play first! Luckily, reputable sites will have filtering options in place to help you make the right choice. PayPal is arguably one of the most popular banking methods used to make payments online for goods and services. It should then come as no surprise that many online casino players also use it as a payment method on online casinos. In this article, we will review all PayPal casinos and provide you with information about the best PayPal bonuses. Using our page search features, you can browse through all online casinos supporting transfers via PayPal as a deposit method.
    https://models.yclas.com/user/eripesno1989
    Get in the game faster and stay in the game longer by checking balances, redeeming offers and downloading points and credits directly to your machine. Your unique four-digit PIN allows you to access and manage your account without leaving your seat. Simply insert your card to validate exclusive Free Play credits. The “slot machine” term derives from the slots on the machine for inserting and retrieving coins. “Fruit machine” comes from the traditional fruit images on the spinning reels such as lemons and cherries. One of my personal favorite slot machines of this decade. That was a DREAM hit…just under a hand pay IDEAL! Play Free Online Slot Machines and Win BIG Slot Machine Bonus rounds and chips in the best free casino game! Before you start playing any slot machine, it’s a good idea to take a look at the pay table. That’s because if you’re trying to win big on slot machines, it’s worth understanding how the features of your chosen game work. The pay table will show you a list of all the symbols used in the game and what they’re worth if you’re lucky enough to line them up.

  59. Vypggl
    July 6, 2024

    buy cyclobenzaprine 15mg pill – pill enalapril buy vasotec without prescription

  60. Santiago Caraig
    July 11, 2024

    Great blog! I am loving it!! Will come back again I am bookmarking your feeds also

Leave a comment

Your email address will not be published. Required fields are marked *