8.22 The value of Bulk Licence shall not exceed 50% of the annual average value of export of cut and polished diamonds made by the applicant during the preceding three licensing years.

In the case of any overseas company with its branch office in India, the entitlement shall not exceed 50% of annual average turnover of the preceding three licensing years. However, for HDCL / MMTC the value of the bulk licence shall be 1.5 times of the total value of rough diamonds imported by them against the bulk license(s) in the preceding year.

(This para has been amended vide P.N. No. 7/(RE-98), Dt. 22/4/97.)