Diamond Dollar Accounts – Track Record and Turnover reduced

By Vijay Kumar

Para 4A.19 of the Foreign trade policy relating to Diamond & Jewellery Dollar Accounts reads as,

Firms and companies dealing in purchase/sale of rough or cut and polished diamonds/precious metal jewellery plain, minakari and/or studded with/without diamond and/or other stones, with a track record of at least 3 years in import or export of diamonds/coloured gemstones/diamond and coloured gemstones studded jewellery/plain gold jewellery, and having an average annual turnover of Rs. 5 crore or above during preceding three licensing years, may also carry out their business through designated Diamond Dollar Accounts (DDA).

Now it is amended to read as,

Firms and companies dealing in purchase/sale of rough or cut and polished diamonds/precious metal jewellery plain, minakari and/or studded with/without diamond and/or other stones, with a track record of at least two years in import or export of diamonds/coloured gemstones/diamond and coloured gemstones studded jewellery/plain gold jewellery, and having an average annual turnover of Rs. 3 crores or above during preceding three licensing years, may also carry out their business through designated Diamond Dollar Accounts (DDA).

So the track record of at least 3 years is now reduced to two years and the average annual turnover of Rs. 5 crore is reduced to Rs. 3 crores.

DGFT Notification No. 96 (RE-2008)/2004-2009, Dated: March 13, 2009