The central government introduced a new scheme to boost the diamond sector

New Delhi: To enhance the global competitiveness of India’s diamond sector, the government has introduced the Diamond Import Authorisation (DAI) scheme. The scheme will be implemented from April 1. According to the Department of Commerce, the scheme provides a streamlined system for duty-free import of natural cut and polished diamonds, which will boost value addition and exports.

The scheme allows duty-free import of natural cut and polished diamonds of less than one-fourth carat (25 cents) in size. The scheme makes it mandatory for companies to export diamonds with 10 per cent value addition. The government said, “All diamond exporters having the status of Two Star Export House or above and exporting $ 15 million per annum are eligible to avail the benefits under the scheme.”

The scheme also aims to maintain India’s global leading position in the entire value chain of the diamond industry. The diamond industry is facing a huge decline. There has been a huge decline in exports and along with it there has been a decline in jobs. The diamond industry is expected to emerge from this scheme.

With the introduction of this scheme, employment opportunities will be created and the domestic diamond industry will be strengthened. According to the latest data of the Gems and Jewelry Export Promotion Council (GJEPC), the total gems and jewelery exports in December 2024 stood at $ 1,967.98 million. It declined by 10.29 percent as compared to the same period last year. The Council said that due to economic instability, buyers have turned towards gold due to it being a safe asset. At the same time, people are spending less on lifestyle.