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Informist, Tuesday, Jan. 21, 2025

MUMBAI – The Directorate General of Foreign Trade Tuesday notified the introduction of the Diamond Imprest Authorisation Scheme to promote exports of diamonds from India. The scheme will become operational from Apr. 1, it said.

The scheme provides for granting of diamond imprest authorisation for import of natural cut and polished diamonds, including semi-processed, half-cut, and broken diamonds, against which the physical export of natural cut and polished diamonds has to be carried out. Such authorisation will carry an export obligation to achieve a minimum value addition of 10% within specified time limits, it said.

The scheme does not apply to laboratory-grown diamonds, the agency specified.

An exporter with two-star export house status or higher, having achieved a minimum export performance of $15 million in cut and polished diamonds each year for the past three financial years, and having filed all goods and services tax and income tax returns for those years, may be granted a diamond imprest authorisation, the agency said. 

The scheme provides for an exemption to the exporter from duty, additional customs duty, education cess, anti-dumping duty, countervailing duty, safeguard duty, and transition product-specific safeguard duty, as applicable.  End

US$1 = INR 86.57

Reported by Abhijit Doshi

Edited by Rajeev Pai

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