Subject to the sale proceeds being credited to the Fund under section 7 A of the Act, the Administrator shall dispose of the valuables mentioned below in the following manners, namely:
(1) Gold, gold jewellery, silver and silver jewellery.-The valuables, namely, gold, gold jewellery, silver and silver jewellery shall be deposited in the Government of India Mints which shall credit the value of such property to the Central Government.
(2) Diamonds.-Rough and uncut diamonds shall be' sold either by auction or tender to import licence holders against debit of their licences. Cut and polished diamonds shall be sold by auction or tender with the specific condition that such diamonds shall be exported.
124 The llIegally Acquired Property (Receipt, Management and Disposal) Rules, 1989
(3) Precious and semi-precious stones other than diamonds.-(i) Rough and uncutprecious and semi-precious stones other than diamonds shall be sold byauction or tender to holders of import licences against debit of their licencesin the internal market.
(ii) Cut and polished precious and semi-precious stones, other thandiamonds, shall be sold internally, by auction or by tender.