New Delhi:
The Government of India has announced ‘Diamond Imprest Authorization, DAI Scheme’ with the aim of increasing the global competitiveness of the diamond sector and promoting exports. This scheme will be implemented from April 1 and under this, many concessions and facilities will be given to the diamond industry. It is believed that after the implementation of the Diamond Imprint Authorization Scheme, the Indian diamond sector will get new opportunities, employment opportunities will increase and the country will be strengthened towards making the country a global leader in the diamond industry.

Diamond sector will get strength

According to the Commerce Department, this scheme will facilitate duty-free import of naturally cut and polished diamonds, which will help in value addition and taking exports to new heights.

Under the DAI scheme, natural cut and polished diamonds of size less than one-fourth carat or 0.25 carat (25 cents) can be imported duty-free. Apart from this, it will be mandatory for companies to do 10 percent value addition in their exports, which will help the sector remain competitive in the global market.

Who can avail the benefits?

The government has clarified that diamond exporters having the status of ‘Two Star Export House’ or above and exporting $15 million per year will be able to avail the benefits of this scheme.

Hope to bring diamond industry back on track

It is noteworthy that in recent years the diamond industry is facing a huge decline. There has also been a decline in jobs due to decline in exports and halt in production. This new scheme is expected to bring the diamond industry back on track and create new job opportunities. The government says that this scheme will help in keeping India’s diamond industry competitive at the global level and will promote exports in this sector.

According to the latest data from the Gems and Jewelery Export Promotion Council (GJEPC), total gems and jewelery exports in December 2024 stood at $1,967.98 million, showing a decline of 10.29 per cent compared to the same period last year.

Decline in exports, expectations remain

According to the latest data from the Gems and Jewelery Export Promotion Council (GJEPC), total gems and jewelery exports in December 2024 stood at $1,967.98 million, showing a decline of 10.29 per cent compared to the same period last year. The council said that due to economic instability, buyers have shifted towards safe investments like gold as it is a safe asset. At the same time, people are spending less on lifestyle.