Context:
Department of Commerce introduces Diamond Imprest Authorization (DIA) Scheme.
Diamond Imprest Authorization (DIA) Scheme:
- Introduced under Foreign Trade Policy 2023.
- Objective – To provide a streamlined mechanism for duty-free import of Natural Cut and Polished Diamonds.
- Key Features –
- Duty-Free Import: Allows duty-free import of Natural Cut and Polished Diamonds, less than ¼ Carat (25 Cents).
- Export Obligation: Requires an export obligation with a value addition of 10%.
- Eligibility: Applicable to Diamond exporters with Two Star Export House status and above, having US $15 Million exports per year.
- Non-Applicability: Does not apply to Lab-Grown Diamonds (LGDs).
- Duties Exempted: Exempts Basic Customs Duty, Additional Customs Duty, Education Cess, Anti-dumping Duty, Countervailing Duty, and others.
Key Statistics:
- India is the world’s largest exporter of polished diamonds
- India processes ~90% of world’s rough diamonds by volume
- India accounts for 33% of global diamond exports by value
Source: PIB
Previous Year Question
Ilmenite and rutile, abundantly available in certain coastal tracts of India, are rich sources of which one of the following?
[UPSC Civil Services Exam – 2023 Prelims]
(a) Aluminium
(b) Copper
(c) Iron
(d) Titanium
Answer: (d)
