The Centre has announced a new Diamond Imprest Licence aimed at benefiting small and medium-sized enterprise (MSME) diamond exporters. This licence permits Indian diamond exporters with a certain export turnover to import up to 5% of their average export turnover from the past three years.
The new measure is designed to create a fair competition environment for Indian MSME diamond exporters, aligning them with larger competitors. It is expected to address the trend of Indian diamantaires investing in diamond mining regions abroad and boost domestic employment by increasing jobs in diamond sorting and semi-finished diamond processing.
Dr. Harshdeep Kamble, Principal Secretary (Industries) of Maharashtra, stated that the State government plans to promote “smart jewellery manufacturing” as part of the new industrial policy to be unveiled in September. Additionally, the government will work to establish a major exhibition and convention centre to help the industry showcase its products to international buyers.
These initiatives are anticipated to be included in the new industrial policy set to be announced in September.
