New Delhi, January 22 (IANS). To enhance the global competitiveness of India’s diamond sector, the government has introduced the Diamond Imprint Authorization (DAI) Scheme. This scheme will be implemented from April 1.
According to the Department of Commerce, the scheme provides a streamlined system for duty free import of naturally cut and polished diamonds, which will lead to value addition and promotion of exports.
The scheme allows duty-free import of natural cut and polished diamonds of less than one-quarter carat (25 cents). In this scheme, diamond export with 10 percent value addition has been made mandatory for companies.
“All diamond exporters having Two Star Export House status or above and exporting $15 million per annum are eligible to avail benefits under the scheme,” the government said.
The scheme also aims to maintain India’s global leadership position in the entire value chain of the diamond industry.
The diamond industry is facing a huge decline. There has been a huge decline in exports and with it there has been a decline in jobs. Diamond industry is expected to emerge from this scheme.
With the introduction of this scheme, the domestic diamond industry will be strengthened along with creation of employment opportunities.
According to the latest data from the Gems and Jewelery Export Promotion Council (GJEPC), the total gems and jewelery exports in December 2024 stood at $1,967.98 million. There was a decline of 10.29 percent compared to the same period last year.
The council said that due to economic instability, buyers have inclined towards gold as it is a safe asset. At the same time, people are spending less on lifestyle.
–IANS
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