Piyush Goyal announces introduction of Diamond Imprest Licence
Accepting GJEPC’s long standing recommendation at IIJS Premiere 2024 Piyush Goyal, Hon’ble Minster of Commerce & Industry, Govt. of India, announced the introduction of the Diamond Imprest Licence during his interactive session at the 40th edition of India International Jewellery Show (IIJS) 2024, the flagship show of the Gem & Jewellery Export Promotion Council (GJEPC) held at the Bombay Exhibition Centre (BEC), NESCO; Goregaon. The Diamond Imprest Licence will benefit MSME exporters, which comprise a large portion of India’s gem & jewellery exporters. GJEPC has been recommending this policy initiative for a long time. The Diamond Imprest Licence ensures that Indian diamond exporters above a certain export turnover threshold will be allowed to import at least 5%, (if not 10% as it was earlier) of the average export turnover of preceding three years. This will provide level playing field for Indian MSME diamond exporters with that of their larger peers. It will stop