Gemstone Policy 1994 -3.1In 1994 a new Gem Policy based on the experience gained and difficulties uncounted formulated by Government in Steel & Mines Department and announced in Notification No. 49 dated the 1st January 1994. It outlined the following provisions :(i)Agency of the OMC would be withdrawn limiting it only to cases where illegal mining is detected.(ii)OMC would undertake prospecting and/or commercial mining of the areas held by it on PL/ML either on its own or Sub-lease the same to joint venture or assisted companies for similar purpose.(iii)Director, Mining & Geology would prepare a list of gemstone bearing areas to be reserved for prospecting by the Directorate.(iv)Out of the areas so reserved, the areas having promising gemstones potential would be given to OMC on ML.(v)The areas not taken by OMC would be thrown open to private parties.(vi)Applications of private parties for grant of ML would be considered under certain terms and conditions.(vii)The daily collection of gemstones would be properly accounted for and kept in safe custody.(viii)Every two months, the total collection of gemstone should be opened before committee and valued.(ix)OMC may operate purchase centres or authorise and assisted/ Joint Venture Company operate the same to procure gemstones from private individuals who find them in their private land.(x)Royalty would be calculated on the sale price at "Pit's month value" which the price at which gemstones are sold by the officers.(xi)The implementation of this policy would be reviewed every two months.
