Government reintroduces Diamond Imprest License to boost India’s global competitiveness under Diamond Imprest Authorisation Scheme

The Government of India’s Department of Commerce and Industry has launched the Diamond Imprest Authorisation Scheme to reintroduce the Diamond Imprest License and increase India’s competitiveness in the global market. 

Natural diamond jewellery by Kantilal Chhotalal – Only Natural Diamonds In- Facebook

The government made its official announcement for the scheme on January 21 and it will come into full effect on April 1, 2025, the Gem and Jewellery Export Promotion Council announced on its website. The scheme will offer duty-free imports of natural cut and polished diamonds under specific conditions with the aim of supporting exporters and helping India’s domestic jewellery industry to grow. 

“GJEPC extends its heartfelt gratitude to the Department of Commerce, Government of India, particularly the Ministry of Commerce and Industry, for this timely initiative, which will bolster MSME exporters, safeguard employment, and secure India’s position as a global leader in diamond processing,” said the GJEPC’s founder Vipul Shah, the GJEPC announced on its website. “By enabling value addition and enhancing competitiveness, the scheme will rejuvenate our industry and pave the way for sustained growth and global excellence.”

The Diamond Imprest Authorisation Scheme offers duty-free imports of natural cut and polished diamonds which are under a quarter carat, including semi-processed and broken diamonds. Other conditions for the scheme include that businesses have an export obligation with a value addition of 10%, must import the diamonds under ‘Actual User Condition’, and must import and export goods from Mumbai Airport.

Along with boosting jewellery trade, the scheme is designed to help to create employment opportunities in the sector. The government aims to protect the domestic diamond processing industry and increase ease of doing business while promoting compliance with international trade standards.

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