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Department of Commerce Launches 'DIA Scheme' to Boost Global Competitiveness in Diamond Sector.

Goverment Scheme | Dated: 24 Jan 2025

In January 2025, the Department of Commerce (DoC), Ministry of Commerce and Industry (MoC&I), Introduced the Diamond Imprest Authorization (DIA) Scheme.The DIA Scheme aims to enhance the global competitiveness of India's diamond sector and will be implemented starting April 1, 2025.

🎯 Key Highlights:

  • - The scheme permits duty-free import of Natural Cut and Polished Diamonds weighing less than 14 carats (25 cents), encouraging value addition and boosting exports.i. The scheme permits duty-free import of Natural Cut and Polished Diamonds weighing less than 14 carats (25 cents), encouraging value addition and boosting exports.
  • - Exports under this scheme must have a minimum of 10% value addition.
  • - Diamond exporters with an annual export turnover of USD 15 million and Two Star Export House status or higher are eligible for benefits.

💡 Other Important Facts:

  • (i) The Diamond Imprest Licence (DIL) will have an import validity of 1 year and an export validity of 18 months. The DIL value will be set at 5% of the average export value from the past three years, with a maximum annual cap of USD 15 million per exporter.
  • (ii) Diamonds under the scheme must meet the Actual User Condition, with imports and exports restricted to Mumbai's Chhatrapati Shivaji Maharaj International Airport, aiming to support MSME exporters and ensure fair competition.
  • (iii) According to the Gems and Jewellery Export Promotion Council (GJEPC), India’s gross gem and jewelry exports in December 2024 stood at USD 1,967.98 million (Rs. 16,719.46 crores), marking a 10.29% decline compared to the same period in 2023.

📚 Test Your Knowledge:

Which scheme, introduced recently by the Department of Commerce, aims to enhance the global competitiveness of India's diamond sector?

Correct Answer: DIA Scheme

🚀 Quick Recap:

About DoC

  • Minister : Piyush Goyal
  • Headquarters : New Delhi