Introducing the Diamond Imprest Authorisation Scheme: Boosting India's Diamond Exports.
The Indian government has introduced a new scheme under the Foreign Trade Policy 2023 to enhance the export of natural cut and polished diamonds. The Diamond Imprest Authorisation (DIA) will allow eligible exporters to import diamonds for re-export, subject to certain conditions. Here are the key points:
- Eligibility: Exporters with a Two Star Export House status or above, and who have achieved a minimum export performance of US$ 15 million in cut & polished diamonds over the past three years, can apply for the DIA.
- Import Details: The scheme covers imports of natural cut and polished diamonds, with a maximum weight of 4 carats per diamond, and an export obligation to achieve at least 10% value addition within six months of import.
- Duties and Taxes: Imports under the DIA will be exempt from various duties, including Customs Duty, Anti-dumping Duty, and Integrated Tax.
- Export Obligation: Exporters must fulfill the export obligation within six months from the date of clearance, and all imports/exports must go through Mumbai Airport.
- Implementation: The scheme will be effective from April 1, 2025.
The new Diamond Imprest Authorisation aims to give a boost to India's diamond industry by facilitating easier access to raw materials for exporters, ultimately strengthening the global position of Indian diamonds
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