Current · Source: Reserve Bank of India · RBI/2013-14/365 · issued 08 Nov 2013 · ~2 min read
Quick answerRBI updates the list of approved mining companies for advance remittance imports of rough diamonds. Two company names are changed: De Beers UK Ltd to De Beers Global Sightholder Sales Proprietary Ltd, and BHP Billiton, Belgium to Dominion Diamond Marketing. All other conditions remain unchanged.
The rule, in the simplest words
RBI changed the approved mining company names for sending money in advance for rough diamond imports: De Beers UK Ltd is now De Beers Global Sightholder Sales Proprietary Ltd, and BHP Billiton, Belgium is now Dominion Diamond Marketing.
The rule that banks can send advance remittance (money sent before the diamonds arrive) without any limit or bank guarantee (bank’s promise to pay if something goes wrong) stays the same.
Banks must update their internal lists, tell their trade‑finance and forex teams, and inform importers about the new company names so nothing gets delayed.
How it plays out — a real example
Rohit, a trade‑finance officer in Mumbai, gets a request from a diamond importer to remit funds for a shipment from De Beers Global Sightholder Sales Proprietary Ltd. He checks the updated approved‑company list, sees the new name, processes the advance remittance without needing a bank guarantee, and warmly confirms to the importer that the payment is on its way.
What changed
RBI has revised the names of two mining companies eligible for advance remittance without limit or bank guarantee for rough diamond imports. De Beers UK Ltd is now De Beers Global Sightholder Sales Proprietary Ltd, and BHP Billiton, Belgium is now Dominion Diamond Marketing. No other conditions from earlier circulars have been altered.
What it means for you
Banks must update their internal records and customer advisories to reflect the new company names for processing advance remittances. The liberalized remittance facility for rough diamond imports continues unchanged except for these name corrections. This ensures smooth trade finance operations for the gems and jewellery sector.
What you must do
Update your approved list of mining companies for rough diamond advance remittances with the two new names.
Inform your trade finance and forex teams about the name changes to avoid processing delays.
Communicate the updated names to relevant import customers and constituents.
Ensure all internal systems and reference documents reflect De Beers Global Sightholder Sales Proprietary Ltd and Dominion Diamond Marketing.
Who it affects
Category-I Authorised Dealer Banks, Importers of rough diamonds (excluding public sector entities), Gems and jewellery export industry
❓ Common questions
Does this circular change any other conditions for advance remittance for rough diamond imports?
No, all other conditions from earlier circulars (A.P. DIR Series Circular No.21 dated Dec 29, 2009 and Circular No.59 dated May 6, 2011) remain unchanged.
Which companies are affected by the name changes?
Two mining companies: De Beers UK Ltd is now De Beers Global Sightholder Sales Proprietary Ltd, and BHP Billiton, Belgium is now Dominion Diamond Marketing.
Do we need a fresh approval from RBI for these name changes?
No, the circular itself updates the names. Banks can proceed with processing remittances under the new names as per existing conditions.
📜 Read the original circular — full text as issued by RBI
RBI/2013-14/365
A. P. (DIR Series) Circular No.71
November 8, 2013
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 the provisions contained in A.P.(DIR Series) Circular No.21 dated December 29, 2009 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 Public Sector Company or Department / Undertaking of the Government of India /State Governments), for import of rough diamonds into India from nine mining companies, subject to certain conditions.
2. Based on the recommendations of the Gems and Jewellery Export Promotion Council (GJEPC), the names of the two mining companies listed in the above circular have been changed as indicated below:
i. De Beers UK Ltd to De Beers Global Sightholder Sales Proprietary Ltd.
ii. BHP Billiton, Belgium to Dominion Diamond Marketing.
3. All the instructions issued in respect of advance remittance for import of rough diamonds, vide A.P. (DIR Series) Circular No.21 dated December 29, 2009 and Import of rough, cut and polished diamonds, vide A.P.(DIR Series) Circular No.59 dated May 6, 2011 , shall remain unchanged.
4. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
5. The directions contained in this circular have been issued under Section 10 (4) and Section 11 (1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(C. D. Srinivasan)
Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/365 · issued 08 Nov 2013. The plain-English explanation above is BankPulse’s own independent summary.
Ensure all internal systems and reference documents reflect De Beers Global Sightholder Sales Proprietary Ltd and Dominion Diamond Marketing.
📜 Compliance
Update your approved list of mining companies for rough diamond advance remittances with the two new names.
Inform your trade finance and forex teams about the name changes to avoid processing delays.
Communicate the updated names to relevant import customers and constituents.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template
Example: if you are a Compliance officer at a bank this circular applies to (Category-I Authorised Dealer Banks, Importers of rough diamonds (excluding public sector entities), Gems and jewellery export industry), your first concrete step on “Rough Diamond Import: Mining Company Name Changes” is: “Update your approved list of mining companies for rough diamond advance remittances with the two new names.” (RBI issued this 08 Nov 2013).
Circular: RBI/2013-14/365 -- Rough Diamond Import: Mining Company Name Changes
Issued: 08 Nov 2013
Action required: Update your approved list of mining companies for rough diamond advance remittances with the two new names.
Action required: Inform your trade finance and forex teams about the name changes to avoid processing delays.
Action required: Communicate the updated names to relevant import customers and constituents.
Action required: Ensure all internal systems and reference documents reflect De Beers Global Sightholder Sales Proprietary Ltd and Dominion Diamond Marketing.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8560&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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