Bulk licences for rough diamonds - 39/1997 - Foreign Trade Policy

Bulk licences for rough diamonds Notification No. 39/1997 Dated 26/02/1998 In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No.22 of 1992) read with paragraph 1.3 of the Export and Import Policy, 1997-2002 published in the Gazette of India extraordinary, Part-ll, Section 3-Sub-sectlon (ll) vide S.O. No.283 (E) dated 31.3,97, the Central Government hereby makes following amendments in the Export and Import Policy, 1997 -2002: 1. Para 8.10 of Exim Policy shall be amended to read as: Bulk licence for rough diamonds are issued for import of rough diamonds form any source; with an obligation to supply such diamonds to the holder of valid REP/Diamond Imprest Licence, EOU/EPZ units or to re-export the same. The supply/export of such rough diamonds shall be completed within a period of 12 months from the date of issuance of licence. 2. Para 8.11 of Exim Policy shall be amended to read as: The following persons are eligible to apply for Bulk Licences in accordance with the procedure specified in this behalf. a. M/s. Hindustan Diamond Company Ltd. (HDCL), Mumbai; b. MMTC Ltd., New Delhi; c. Exporter whose annual average FOB value of export of cut and Polished diamonds during the preceding three licensing years has been not less than Rs. 75 Crores. d. Any overseas company with its branch office in India whose annual average turhover in diamonds during the preceding three licensing years is not less than Rs. 150 Crores. 3. Para 8.13 of Exim Policy shall be amended to read as: Private/Public Bonded warehouse Private/Public Bonded warehouses may be set up in EPZ/DTA for import and re-export of cut polished diamonds, cut polished coloured gemstones, import and re-export of rough diamonds, uncut unset precious semi-precious stones and DTA sales of rough diamonds, uncut unset precious semi-precious stones against REP/GEM REP/Diamond Imprest Licences subject to payment of customs duty whereever applicable; notwithstanding anything contained in para 9.21 of Exim Policy. These private/public bonded warehouse for selling rough diamonds, uncut unset precious semi-precious stones in DTA shall follow the procedure given in para 8.24 and8.25 of Handbook of Procedures Vol-I. Import re-export of cut polished diamonds cut polished coloured gemstones will be subject to achievement of minimum value addition of 5%. This issues in public interest. Sd/- (N.L. Lakhanpal) Director General of Foreign Trade