DGFT Introduces Diamond Imprest Authorisation Scheme under Foreign Trade Policy 2023

The Directorate General of Foreign Trade (DGFT) has introduced the Diamond Imprest Authorization Scheme under the Foreign Trade Policy 2023 to facilitate smoother import-export procedures for the diamond industry. The scheme allows exporters to import rough diamonds duty-free under specific conditions, with the assurance that the diamonds will be exported after processing. It aims to reduce the costs associated with diamond processing and enhance India’s position as a global hub for diamond trade. The policy is expected to benefit small and medium enterprises in the diamond industry by providing more flexible import-export conditions. This initiative is part of the government’s broader strategy to promote exports and strengthen the country's export potential in high-value sectors.