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
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.