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RBI Updates Approved Supplier Name for Rough Diamond Imports

Current · Source: Reserve Bank of India · RBI/2008-09/133 · issued 21 Aug 2008 · ~2 min read
Quick answerRBI notifies AD Category-I banks that Diamond Trading Company Pvt. Ltd., UK has been renamed De Beers UK Limited effective August 1, 2008. Banks must update records and continue allowing advance remittances without limit or guarantee for rough diamond imports from the renamed entity under existing conditions.
The rule, in the simplest words
How it plays out — a real example

A forex & trade-finance officer in Mumbai processes an advance remittance for a rough diamond importer buying from De Beers UK Limited. She updates her bank's approved supplier list to replace the old name with 'De Beers UK Limited', then approves the payment without any limit or bank guarantee, just as before, ensuring smooth trade for her customer.

What changed

The RBI has informed AD Category-I banks that Diamond Trading Company Pvt. Ltd., UK changed its name to De Beers UK Limited effective August 1, 2008. All other terms and conditions from the earlier circular (A. P. DIR Series Circular No. 03 dated August 4, 2008) remain unchanged.

What it means for you

Banks must update their internal systems and reference lists to reflect the new name De Beers UK Limited for processing advance remittances for rough diamond imports. The liberalized remittance facility—no upper limit and no requirement for bank guarantee or standby letter of credit—continues for eligible importers dealing with the renamed supplier. This ensures smooth trade finance operations without disruption.

What you must do

Who it affects

AD Category-I banks, Importers of rough diamonds (excluding public sector companies and government entities), Customers and constituents dealing with rough diamond imports from De Beers UK Limited

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

Does this circular change any other conditions for advance remittance for rough diamond imports?

No, only the supplier name has changed. All other terms and conditions from the earlier circular dated August 4, 2008 remain unchanged.

Which other mining companies are still covered under the advance remittance facility?

The facility continues for imports from RIO TINTO (UK and Belgium), BHP Billiton (Australia and Belgium), ENDIAMA (Angola), ALROSA (Russia), and GOKHARAN (Russia), as listed in the earlier circular.

📜 Read the original circular — full text as issued by RBI
RBI/2008-09/133 A. P. (DIR Series) Circular No. 08 August 21, 2008 To All Category – I Authorised Dealer Banks Madam / Sir, Advance Remittance for Import of Rough Diamonds Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A. P. (DIR Series) Circular No.34 dated March 02, 2007 and A. P. (DIR Series) Circular No.03 dated August 04, 2008 ,  in terms of which AD Category - I banks have been permitted to make advance remittance without any limit and without bank guarantee or standby letter of credit, by an importer (other than a Public Sector Company or a Department / Undertaking of the Government of India / State Government/s), for import of rough diamonds into India from the under noted mining companies, subject to certain conditions : i)  Diamond Trading Company Pvt. Ltd., UK, ii) RIO TINTO, UK iii) BHP Billiton, Australia iv) ENDIAMA, E. P. Angola, v) ALROSA, Russia, vi) GOKHARAN, Russia, vii) RIO TINTO, Belgium and viii) BHP Billiton, Belgium 2. It is informed that, with effect from August 01, 2008, the name of the Diamond Trading Company Pvt. Ltd. UK has been changed to De Beers UK Limited. Accordingly, the change in the name of the company may be noted by AD Category – I banks. The other terms and conditions mentioned in A. P. (DIR Series) Circular No.03 dated August 04, 2008 shall remain unchanged. 3. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 4. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law.     Yours faithfully, (Salim Gangadharan) Chief General Manager-in-Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2008-09/133 · issued 21 Aug 2008. The plain-English explanation above is BankPulse’s own independent summary.
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Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (AD Category-I banks, Importers of rough diamonds (excluding public sector companies and government entities), Customers and constituents dealing with rough diamond imports from De Beers UK Limited), your first concrete step on “RBI Updates Approved Supplier Name for Rough Diamond Imports” is: “Update your approved supplier list for rough diamond imports to replace 'Diamond Trading Company Pvt. Ltd., UK' with 'De Beers UK Limited'.” (RBI issued this 21 Aug 2008).

  1. Circular: RBI/2008-09/133 -- RBI Updates Approved Supplier Name for Rough Diamond Imports
  2. Issued: 21 Aug 2008
  3. Action required: Update your approved supplier list for rough diamond imports to replace 'Diamond Trading Company Pvt. Ltd., UK' with 'De Beers UK Limited'.
  4. Action required: Continue processing advance remittances without limit and without bank guarantee or standby letter of credit for eligible importers importing from De Beers UK Limited.
  5. Action required: Inform your constituents and customers about the name change to ensure compliance in their documentation.
  6. Action required: Ensure all other conditions from A. P. (DIR Series) Circular No. 03 dated August 4, 2008 remain applicable.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4426&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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