Commerce and Industry Minister Piyush Goyal on Saturday announced the restoration of the Diamond Imprest Licence, which provides import duty exemptions on cut and polished diamonds up to a specified limit.
The reinstatement of the licence, a key demand from gem and jewellery exporters, addresses the challenge of diamonds being imported through Dubai and re-exported, thus affecting India's export potential and job market. Announced during the India International Jewellery Show (IIJS) 2024, the licence re-establishment is hailed as a major reform for the sector.
The Diamond Imprest Licence allows eligible exporters to import specified diamond types duty-free, provided they add 10 per cent value and use the imports themselves without transferring them. This aligns with trade practices in countries like South Africa and Tanzania, and positions India to better compete with diamond hubs such as China and Vietnam. The initiative, which revives a policy last seen in 2002 and 2009, highlights broader Budget measures like import duty cuts on gold and silver aimed at boosting the jewellery sector. Goyal also emphasized the role of the Common Facility Centre in training 1,500 youth annually, enhancing employment and skill development in the industry.
Piyush Goyal Restores Diamond Imprest Licence to Boost Gem and Jewellery Exports
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