Goyal states restoring Diamond Imprest Licence for gems, jewellery sector
Commerce and Industry Piyush Goyal on Saturday announced restoration of Diamond Imprest Licence, which allows import duty exemption on cut and polished diamonds up to a specified limit.
The gems and jewellery exporters were demanding for this licence.
In the absence of this licence, the cut and polished diamonds were getting imported in Dubai and getting assorted there and re-exported, impacting India's exports and jobs in the sector.
The minister announced the restoration of the licence during a session at the India International Jewellery Show (IIJS) 2024 here. It was organised by the Gem and Jewellery Export Promotion Council (GJEPC).
"Shri Piyush Goyal, Minister of Commerce and Industry announced the introduction of the Diamond Imprest Licence," the GJEPC said in a statement.
The licence allows eligible exporters to import cut and polished diamonds, including semi-processed, half-cut, and broken diamonds. Exporters can import diamonds up to 5 per cent of their average turnover