The Department of Commerce has introduced the Diamond Imprest Authorization (DIA) Scheme as part of its efforts to uphold India’s position as a leader in the global diamond sector.
The initiative, scheduled to launch in April, aims to rejuvenate the industry that has been experiencing a downturn in exports and employment. It will provide specific incentives for exporters while safeguarding domestic interests.
The DIA Scheme permits the duty-free importation of natural cut and polished diamonds weighing less than ¼ carat (25 cents), provided that exporters fulfill a value addition criterion of a minimum of 10%, as stated by the commerce ministry in a press release.
