New scheme allows duty-free diamond imports, aims to revive exports and create employment in the diamond sector.
The Department of Commerce has announced the Diamond Imprest Authorisation (DIA) Scheme, set to launch on April 1, 2025. The initiative is designed to strengthen India’s position in the global diamond trade by allowing duty-free import of natural cut and polished diamonds under ¼ carat (25 cents).
Eligible exporters with Two Star Export House status and annual exports exceeding $15 million can avail of the scheme, provided they fulfill a 10 percent value addition export obligation. The policy is a response to beneficiation measures in diamond-mining nations like Botswana and Namibia, which mandate local value addition.
Aimed at empowering MSME exporters, the scheme seeks to prevent the outflow of investments, protect the domestic diamond processing industry, and generate employment for diamond workers. It also aligns with India’s global trade standards while fostering ease of business operations.
By addressing export declines and safeguarding jobs, the DIA Scheme is poised to rejuvenate the diamond sector. It is expected to enhance exports of cut and polished diamonds, while creating new opportunities for skilled artisans in the industry.
