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The government has now allowed duty-free import of cut and polished diamonds up to a specified limit to boost exports and enhance value addition through the Diamond Imprest Authorisation scheme.
The scheme provides a streamlined mechanism for duty free import of Natural Cut and Polished Diamonds, and thereby promoting value addition and boosting exports.
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It will be implemented with effect from April 1, 2025.
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This scheme allows the duty-free import of Natural Cut and Polished Diamonds, of less than ¼ Carat (25 Cents). It also mandates export obligation with a value addition of 10%.
All Diamond exporters holding Two Star Export House status and above and having US $15 Million exports per year, are eligible for availing the benefit under this scheme.
Announcing the launch of the scheme, the Ministry of Commerce and Industry, said it is made in response to Beneficiation policies undertaken in a number of natural diamond mining countries like Botswana, Namibia Angola etc where Diamond manufacturers are obliged to open cut and polishing facilities for a minimum percentage of value addition.
This scheme is aimed towards retaining India’s position as a global leader in the entire value chain of the Diamond industry.
The scheme is designed to provide a level playing field for Indian diamond exporters, particularly MSME exporters, enabling them to compete effectively with larger peers.
The government said that the scheme aims to prevent the potential flight of investments by Indian diamantaires to diamond-mining destinations.
It believes that the scheme is expected to generate more employment opportunities, particularly for diamond assorters and in the processing of semi-finished diamonds in factories.
By facilitating Indian exporters, it seeks to protect the domestic diamond processing industry and sustain the associated employment.
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