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April 4, 2001
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Money > Business Headlines > Report April 4, 2001 |
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QR removal to bring down diamond pricesBS Commodities Bureau Removal of quantitative restrictions (QRs) on diamonds will bring down its relatively higher prices while the extension of diamond dollar account (DDA) scheme would ensure better quality and standard of diamonds, All India Sarafa Association (AISA) said. President of the association, Sheel Chand Jain said, "The gems and jewellery industry is expecting to see reduction in pricing of diamonds but it is still not clear how duties will be imposed on the imported diamond." AISA also welcomed the extension of the DDA scheme for jewellery exporters and facilitation international certification for cut and polished diamonds saying that "this will ensure quality of diamonds bought by an individual and will encourage quality standard." The new policy, announced by the commerce and industry minister Murasoli Maran, which allowed DDA holders to operate up to five bank accounts from up to two accounts announced earlier, was also welcomed by the association. The new policy has allowed non-DDA scheme holders to supply cut and polished diamonds to DDA holders which would be counted towards discharge of his export obligations or entitle for a replenishment licence as the case may be. To facilitate certification or grading by international laboratories or agencies, the Exim Policy has permitted export and return of cut and polished diamonds weighing 0.50 carats and above, for certification purposes. It announced more flexibility to exporters under the gold loan scheme by allowing them to fix the price and repay the gold loan within 180 days from the date of export subject to the price being confirmed by the final buyer and the nominated agency supplying the gold. The items on which QRs were removed included diamonds (not mounted or set), unsorted diamonds, sorted and unsorted industrial diamonds, crushed and other industrial diamonds, non-industrial diamonds (unworked or simply sawn) and other non-industrial diamonds. Synthetic or reconstructed precious or semi-precious stones, ungraded synthetic or reconstructed precious or semi-precious stones, unworked or simply sawn or rough shaped and other than synthetic rubies (unworked) were also brought under the list. Powered by ALSO READ:
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