Centre introduced Diamond Imprest Authorization scheme.
The Union government has launched the Diamond Imprest Authorization (DIA) Scheme for the duty-free import of natural cut and polished diamonds.
It will take effect from April 1 and will offer a streamlined process to facilitate the duty-free import of natural cut and polished diamonds under ¼ carat (25 cents).
The main aim of the scheme is to promote value addition and enhance export growth.
The scheme comes with an export obligation that mandates a 10 percent value addition.
Diamond exporters with Two Star Export House status or higher, and Diamond exporters with annual exports of at least $15 million are eligible for availing the benefit under this scheme.
The initiative responds to ‘Beneficiation’ policies adopted by several natural diamond mining countries.
The scheme is designed to provide a level playing field for Indian diamond exporters.
The diamond industry is currently facing a steep decline in exports and job losses among workers.
