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Centre introduced Diamond Imprest Authorization scheme

Published on January 23, 2025
Current Context: The Diamond Imprest Authorization (DIA) Scheme was introduced by the Department of Commerce, Government of India, on January 21, 2025.
Centre introduced Diamond Imprest Authorization scheme
  • This initiative is set to take effect from April 1, 2025, and is designed to enhance the global competitiveness of India's diamond trade.
  • Here's how it works:
    • Duty-Free Import: Exporters can import natural cut and polished diamonds without paying import duties. This reduces the cost burden on exporters and makes Indian diamonds more competitive in the international market.
    • Value Addition Requirement: To ensure that the scheme promotes value addition within India, exporters are required to add at least 10% value to the imported diamonds before they can be re-exported. This helps in boosting domestic industry and skill development.
    • Support for MSMEs: The scheme is particularly beneficial for Micro, Small, and Medium Enterprises (MSMEs) in the diamond sector, providing them with an opportunity to scale up their operations and compete more effectively on a global stage.
    • Boosting Trade: By reducing the cost of imports and encouraging value addition, the DIA scheme aims to increase the volume of diamond exports from India, thus strengthening the country's position as a leading player in the global diamond industry.

Question:

1 What is the minimum value addition requirement under the Diamond Imprest Authorization (DIA) Scheme?

  • A) 5%
  • B) 10%
  • C) 15%
  • D) No value addition requirement
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