Diamond Imprest Authorisation allows duty-free import of small diamonds against export of cut-polished diamonds.

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....The DGFT has introduced a new 'Diamond Imprest Authorisation' (DIA) scheme under Chapter 4 of the Foreign Trade Policy 2023. The DIA allows import of natural cut and polished diamonds weighing up to 4 carats against physical export of cut and polished diamonds with 10% minimum value addition. Eligible exporters with two-star status and $15 million annual diamond export for last 3 years can import up to 5% of average annual exports, maximum $15 million. Imports are exempted from customs duties and IGST/Compensation Cess. Export obligation must be fulfilled within 6 months through Mumbai airport. The scheme aims to boost India's diamond exports.....