Diamond Imprest Licence

About Diamond Imprest Licence:

• The licence allows eligible exporters to import cut and polished diamonds, including semi-processed, half-cut, and broken diamonds.
• Under this exporters can import diamonds up to 5 per cent of their average turnover from the past three years, with a requirement to add 10 per cent value.
• These imports must be used by the importer and cannot be transferred, even after exports are completed.
• This licence was earlier there in the foreign trade policy of 2002 and 2009.
• Significance: This will provide a level playing field for Indian MSME diamond exporters. It will stop the flight of investment and also introduce more employment opportunities.

Key facts about the Gem & Jewellery Export Promotion Council

• It was set up by the Ministry of Commerce, Government of India (GoI) in 1966.
• It is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets.