India introduces Diamond Imprest Authorization Scheme to boost exports
natural cut and polished diamonds, thereby promoting value addition and boosting exports.
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It allows the duty-free import of Natural Cut and Polished Diamonds of less than ¼ Carat and mandates export obligation with a value addition of 10%. The scheme will be implemented with effect from April 1, 2025, the commerce and industry ministry said in a statement.
“All diamond exporters holding Two Star Export House status and above and having $15 million exports per year, are eligible for availing the benefit under this scheme,” it said.
The scheme is made in response to Beneficiation policies undertaken in a number of natural diamond mining countries like Botswana, Namibia Angola etc where Diamond manufactures are obliged to open cut and polishing facilities for a minimum percentage of value addition.
“Imports under Diamond Imprest Authorisation are exempted from payment of Basic Customs Duty, Additional Customs Duty, Education Cess, Anti- dumping Duty, Countervailing Duty, Safeguard Duty, Transition Product Specific Safeguard Duty, wherever applicable. Such, imports are also exempt from whole of the Integrated Tax and Compensation Cess,” the Directorate General of Foreign Trade said in a notification.
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