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
- Update your approved supplier list for rough diamond imports to replace 'Diamond Trading Company Pvt. Ltd., UK' with 'De Beers UK Limited'.
- Continue processing advance remittances without limit and without bank guarantee or standby letter of credit for eligible importers importing from De Beers UK Limited.
- Inform your constituents and customers about the name change to ensure compliance in their documentation.
- Ensure all other conditions from A. P. (DIR Series) Circular No. 03 dated August 4, 2008 remain applicable.
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
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.