The Directorate General of Foreign Trade (DGFT) has introduced the Scheme as ‘Diamond Imprest Authorisation’ under Chapter 4 of Foreign Trade Policy 2023.
The Diamond Imprest Authorisation (DIA) Scheme has been introduced to boost exports of Diamonds from India. The scheme will be implemented with effect from 01.04.2025.
Diamond Imprest Authorization may be granted for the import of Natural Cut and Polished Diamonds, including semi-processed, half-cut, and broken diamonds, each weighing no more than 1⁄4 Carat (25 Cents), against which the physical export of Natural Cut and Polished Diamonds has to be carried out. Such Authorisation shall carry an export obligation to achieve a minimum value addition of 10% by realizing in Free Foreign Exchange, within specified time limits, which has to be discharged in accordance with the procedure specified in this behalf. The Diamond Imprest Authorisation does not apply to Lab-Grown Diamonds (LGDs).
An exporter with a Two Star Export House status or above, and having achieved a minimum export performance of US$ 15 million in Cut & Polished Diamonds each year for the past three financial years and having filed all GST and Income Tax returns for those years, may be granted a Diamond Imprest Authorization.
This authorization allows the import of Natural Cut & Polished Diamonds up to 5% of the average annual export performance of Cut & Polished Diamonds over the previous three financial years subject to a maximum value of US$ 15 million.
The export obligation against each import consignment shall be fulfilled within a period of six months from the date of clearance of such consignment through Customs. All imports and exports shall be made only through Mumbai AirPort. The importer shall be required to maintain relevant/ appropriate records of imports & exports for subsequent inspection if any.
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 the whole of the Integrated Tax and Compensation Cess leviable under sub-section (7) and sub-section (9) respectively, of section 3 of the Customs Tariff Act, 1975 (51 of 1975).
Diamond Imprest Authorisation and material imported under Diamond Imprest Authorisation shall be subject to ‘Actual User’ condition. The same shall not be transferable even after completion of export obligation.
Diamond Imprest Authorisation is subject to Pre-Import Condition.
Notification Details
Notification No. 53/2024-25
Date: 21/01/2025
