India will permit the duty-free import of natural cut and polished diamonds smaller than a quarter carat starting from 1st April 2025.
The Ministry of Commerce and Industry unveiled the new Diamond Imprest Authorisation Scheme, available to Indian export houses classified as “two-star” with a minimum of USD 15M in annual exports.
The scheme requires exporters to fulfil an export obligation with a minimum value addition of 10%. It will take effect from the start of India’s new financial year on 1st April.
According to the Ministry, the scheme is inspired by policies implemented in key diamond-mining nations such as Botswana, Namibia, and Angola.
“The objective of this scheme is to maintain India’s position as a global leader across the diamond industry’s value chain,” the Ministry stated.
The initiative is anticipated to particularly benefit micro, small, and medium enterprises in the diamond sector, helping them compete more effectively with larger companies.
“This scheme aligns with international standards while enhancing the ease of doing business,” the Ministry noted.