New Delhi, March 31: Exporters dealing in the purchase and sale of diamonds and diamond studded jewellry have now been allowed to carry out their business through diamond dollar accounts.
It is expected to facilitate the purchase of rough diamonds from overseas firms. Nominated agencies such as banks will have to accept payments in dollars for the cost of import of precious metals from the external account of the exporter.
In order to spur exports, gem sand jewellry units in SEZs and EOUs can now receive precious metals such as gold, silver and platinum either prior to exports or post-exports equivalent to the value of jewellry exported. So they can bring export proceeds in kind against the present provision of bringing it in cash only.