India to allow duty-free import of diamonds for re-export effective April 1

NEW DELHI: India is to allow duty-free import of natural cut and polished diamonds of less than quarter carat from 1st April 2025.

The Ministry of Commerce and Industry here announced the new Diamond Imprest Authorisation Scheme, which is open to “two star” Indian export houses with at least $15 million in annual exports to their credit.

This scheme mandates export obligation with a value addition of 10%. India’s new financial year begins on 1st April when the new scheme will go into effect.