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Updated: 28-01-2025 at 7:48 AM
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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.
Recently, the GOI launched the Diamond Imprest Authorisation (DIA) Scheme under the Department of Commerce. The govt scheme aims to simplify and streamline the import and export of rough diamonds by targeting problem areas like high expenses.
The scheme has been inspired by various other diamond-producing countries like Botswana and Namibia who process their diamonds locally within the boundaries of their nation. The primary objective of the scheme is to help and strengthen small and medium diamond exporters (MSMEs) so that they spread their businesses and establish a global presence for themselves, their brands, and the nation.
The DIA scheme will start working from April 1st of this year and expects to revolutionise the whole sector by creating more employment opportunities, smoothening import and export, and helping to increase India’s global positioning.
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.
The newly launched Diamond Imprest Authorisation Scheme is an exceptional initiative launched by the Indian government to not only boost the diamond trade but also help the citizens of India by generating more employment opportunities and increasing the global positioning of India.
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