Introducing The Diamond Imprest Authorisation Scheme

India is one of the prominent figures in the domain of diamond trade not only because of its natural resources but also because of its skilled artisans and advanced technology. India is one of the major players in the arena of the diamond trade however, the artisans still face a lot of challenges in transforming those rough bits of diamonds into magnificent pieces. The main challenges lie especially in import and export processes.

To reduce and eventually eliminate such challenges, the government of India launched a new scheme called the Diamond Imprest Authorisation Scheme. The govt scheme aims to smoothen the import and export of rough diamonds so that the people in the sector can work efficiently.

Read the article to learn more about the newly launched scheme and how it is boosting the world of diamond trade.

Features Of The DIA Scheme

The Diamond Imprest Authorisation Scheme offers several features for improving the conditions of existing import and export of rough diamonds. Some of its key features are:

• Exporters would be allowed to import natural-cut and polished diamonds of less than ¼ carat without having to pay any customs for it.

• All the exporters with Two Star Export House Status (a recognition provided by the Directorate General of Foreign Trade) and above, with at least $15 million in exports annually.

• The Sarkari Yojana aims to create more employment opportunities as well for various professions like skilled workers, diamond asserters, diamond polishers, and many others.

This is significant to highlight because the workers in the diamond trade sector were facing quite a lot of challenges such as job losses, declining exports, etc. This scheme comes as a solution to all those employment-related issues.