Under the provisions of the Exim policy government has extended the diamond dollar account scheme (DDAS) to diamond studded jewellery exporters having an average annual turnover of over Rs 5 crore.

Also, the facilitates for international certification for cut and polished diamonds weighing above 0.50 carats has been introduced. The latter however, will take some time to benefit the domestic diamond processing industry, which is concentrating more on the smaller and inferior goods, not calling for costly international certification of diamonds.

According to the Gems and Jewellery Export Promotion Council (GJEPC) former president Praveenshankar Pandya: ``It is a positive policy and we hope that there will be no hassles at the implementation levels.''

The DDAS, introduced last year as a mark of elevating India's diamond industry to global levels, has not attracted the members of the jewellery exporting community.

``There are still various impractical procedural hurdles in the DDAS which need to be sorted out by the government,'' said a leading jewellery exporter requesting anonymity. ``Till these are cleared, I don't hope the DDAS will ever serve any purpose except remaining on paper.''

It is for these and other related reasons no single deal has been transacted under the year-old DDAS.

``We hope to see the scheme being attractive and operational,'' feels Mr Pandya citing the extension of the scheme to non-DDAS holders. The non-DDAS holders are now allowed to supply cut and polished diamonds to DDAS holders which would be counted towards discharge of his export obligations or entitle for a replenishment licence as the case may be. The new Exim policy offers 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.

Under the Exim policy, exporters have been permitted to personally carry gem and jewellery of a value up to $2 million for holding or participating in an overseas exhibition.

The foreign buyer scheme wherein precious metals can be supplied free of cost to the Indian manufacturers for job working, has been extended to them with an annual turnover of Rs 5 crore during the preceding three years.

The provision of personal carriage of gem and jewellery export and import parcels has been made available from Bangalore airport in addition to four metro cities.

Lastly, the new policy, announced by Commerce and Industry Minister Murasoli Maran, allowed DDA holders to operate up to five bank accounts from upto two accounts announced earlier.

Included in the new list of 715 items where no quantitative restrictions (QR) are applicable are diamonds (not mounted or set), unsorted diamonds, sorted and unsorted industrial diamonds, crushed and other industrial diamonds, non-industrial diamonds (unworked or simply sawn, cleaved or bruted) 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 were also brought under the list.