India is to allow duty-free import of natural cut and polished diamonds of less than quarter carat from 1st April 2025.
The Ministry of Commerce and Industry here announced the new Diamond Imprest Authorisation Scheme, which is open to “two star” Indian export houses with at least $15 million in annual exports to their credit.
This scheme mandates export obligation with a value addition of 10%. India’s new financial year begins on 1st April when the new scheme will go into effect.
The scheme is modelled on similar policies by major natural diamond mining countries like Botswana, Namibia and Angola, the Indian Ministry said.
“This scheme is aimed towards retaining India’s position as a global leader in the entire value chain of the global diamond industry,” it said.
It is expected to especially benefit micro, small and medium enterprises in India’s diamond sector and enable them to compete with their larger peers.
“The scheme ensures compliance with international standards while facilitating ease of doing business,” the Ministry said.
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