What is the Diamond Imprest Licence?

• The Diamond Imprest Licence is a regulatory framework introduced by the Indian government to facilitate the import of diamonds for exporters, particularly benefiting Micro, Small, and Medium Enterprises (MSMEs) in the diamond industry.
• It will allow Indian diamond exporters who meet a certain export turnover threshold to import up to 5% of their average export turnover over the preceding three years.
• This policy aims to create a level-playing field for MSME diamond exporters, enabling them to compete more effectively with larger industry peers.

• Established in 1966 by the Ministry of Commerce and Industry, Government of India.
• Granted an autonomous status in 1998.

• Mumbai, India
• Regional offices in New Delhi, Kolkata, Chennai, Surat, Jaipur

• Promotes exports of gems and jewellery
• Presents industry issues to the government and recommends policy interventions.

• Gemmological Institute of India (GII), Mumbai: Established in 1971, focusing on gemological training, research, and certification.
• Gem Testing Laboratory, Jaipur: Specializes in grading and certifying colored gemstones.
• Indian Gemological Institute, New Delhi: Provides gem testing and certification services, particularly for the North Indian market.

PYQ:

[2018] Which one of the following foreign travelers elaborately discussed about diamonds and diamond mines of India?

(a) Francois Bernier

(b) Jean-Baptiste Tavernier

(c) Jean de Thevenot

(d) Abbe Barthelemy Carre