Diamond Imprest Licence:
The Union Minister of Commerce & Industry announced the introduction of the Diamond Imprest Licence at the 40th edition of the India International Jewellery Show (IIJS) 2024 organised by the Gem & Jewellery Export Promotion Council (GJEPC).
- Diamond Imprest Licence allows eligible exporters to import cut and polished diamonds, including semi-processed, half-cut, and broken diamonds.
- Under this exporters can import diamonds up to 5 per cent of their average turnover from the past three years, with a requirement to add 10 per cent value.
- These imports must be used by the importer and cannot be transferred, even after exports are completed.
- This licence was earlier there in the foreign trade policy of 2002 and 2009.
- This will provide a level playing field for Indian MSME diamond exporters. It will stop the flight of investment and also introduce more employment opportunities.
