The Indian government plans to set up diamond bourses in key centers to promote India as a global trading hub, Times of India reported.

Currently, most Indian diamantaires source roughs from Antwerp and sell polished diamonds in Hong Kong and Dubai, the report said.

“Most issues concerning the industry have been taken into consideration,” said Vasant Mehta, chairman of Gems & Jewellery Export Promotion Council. Duty drawbacks will particularly benefit small and medium exporters in non-metros and remote areas in India, the report said.

"This will enable them to get gold from open market, fabricate jewelery, export and then claim back import duty levied on gold brought from the open market,” said Chandrakant Sanghavi of Sanghavi Exports, the report said.