8.12 The Diamond Imprest Licence shall carry an export obligation fixed in the inverse ratio of 65% of replenishment, i.e, if the licence is issued for a cif value of US$65, the fob value of export obligation shall be US$100. At the time of redemption, the actual entitlement of the licencee shall be recalculated with reference to the replenishment rates admissible for the corresponding export products as given in Appendix-30A. Due to such re-calculation, if the entitlement of the licence holder comes to more than US$65 as in the above mentioned example, the licensing authority shall issue a REP Licence for a value equivalent to whatever is in excess of US$65 for import of rough diamonds. Diamond Imprest Licence for import of rough diamonds or the materials imported against this shall be freely transferable after the export obligation has been fulfilled. Holder of the Diamond Imprest Licence for import of cut & polished diamonds shall achieve a minimum value addition of 10%. While discharging export obligation, the quantity of cut & polished diamonds imported against such licence shall be accounted for in the caratage. Cut and polished diamonds exported for discharge of export obligation need not necessarily be the same cut and polished diamonds imported under this licence, as para 8.3 of the Policy permits mixing of these diamonds with other diamonds. The Holder of the Diamond Imprest Licence shall be eligible for import of cut & polished diamonds each not exceeding ¼ of a carat (25 cents) in weight. Such licences for the import of cut & polished diamonds / goods imported against such licence shall be subject to actual user condition and will not be transferable even after completion of exports. The entitlement of Diamond Imprest Licence for import of cut & polished diamonds shall be exhausted within the same year of its issuance and shall not be allowed to be carried forward to the next year..