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Thursday, Jan 27, 2005

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Diamond exporters allowed indigenous sourcing of inputs

K.R. Srivats

New Delhi , Jan. 26

THE Government has allowed diamond exporters with diamond imprest licences to source inputs from indigenous sources instead of going in for direct imports.

The option to source inputs indigenously could be exercised through the advance release orders (AROs) denominated in foreign exchange/Indian rupees, according to a recent order of the Directorate General of Foreign Trade (DGFT).

Further, this facility of indigenous sourcing of inputs can also now be done through back-to-back inland letter of credit instead of an ARO.

The AROs issued by DGFT enable licence holders to source products from domestic suppliers at near international prices. The suppliers against advance release orders can avail themselves of deemed export benefits, including refund of terminal excise duty.

Exports of gem and jewellery had recorded a 37.88 per cent growth during January-December 2004 to $14,329.23 million as compared with $10,392.83 million in the same period in the previous year.

Exports of cut and polished diamonds for the period under review stood at $10,340.45 million ($8,051.90 million). Rough diamond imports increased by 10.87 per cent to $7,317 million.

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