The Centre has also announced the introduction of the Diamond Imprest Licence which will benefit MSME exporters. The licence allows Indian diamond exporters above a certain export turnover to import at least 5 per cent of the average export turnover of the preceding three years.

This will provide a level playing field for the Indian MSME diamond exporters with that of their larger peers. It is expected to rein in the shift in investment of Indian diamantaires to diamond mining destinations, and generate more employment in terms of diamond assorters and processing of semi-finished diamonds in the factories.

Dr Harshdeep Kamble, Principal Secretary (Industries), Maharashtra said the State government will promote ‘smart jewellery manufacturing’ in the new industrial policy to be announced in September.

The government will also ensure that the industry gets a large exhibition and convention centre to promote their products among foreign buyers, he said at the India International Jewellery Show Premiere organised by the Gem and Jewellery Export Promotion Council (GJEPC).

The announcement on these initiatives is expected in the new industrial policy due in September.