Diamond Imprest Authorisation Scheme:
The Commerce Ministry recently introduced the Diamond Imprest Authorization (DIA) Scheme, aiming to enhance the global competitiveness of India’s diamond industry.
- It has been introduced by the Department of Commerce, Government of India to allow duty-free import of natural cut and polished diamonds, of less than ¼ Carat (25 Cents), for export purposes.
- The Scheme will be implemented with effect from 01.04.2025.
- This scheme mandates export obligation with 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.
- The scheme has been made in response to the 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.
- Support for MSME Exporters: Designed to create a level playing field for MSMEs, the scheme enables smaller exporters to compete effectively with larger industry players.
- It is aimed towards retaining India’s position as a global leader in the entire value chain of the diamond industry.
