Login

Lucapa to become a niche diamond company, says Wetherall

Lucapa Diamond believes that it will become the only company in the world with multiple diamond mining operations whose average diamond value is in excess of $1,000 per carat, once the Mothae mine is commissioned this year. Company chief executive and...

Today

Zimnisky: Diamonds lack fungibility to be a major investment product

Physical diamonds will never be a viable widespread investment product simply because they inherently lack fungibility, meaning they are all unique, according to Paul Zimnisky, an independent diamond industry analyst and consultant, who is based in New...

12 february 2018

Julien-Vincent Brunie: "Being surrounded by beauty and art is a privilege!"

This last December, shortly before Christmas, the Auction House of Christie's arranged a private display of jewelry in Moscow. The correspondent of Rough & Polished, who had an opportunity to visit this event, was able to admire a luxurious collection...

05 february 2018

Ali Pastorini: We would like meeting Mujeres Brillantes 2018 to be held in Russia

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together approximately 500 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

29 january 2018

Diamond Exchanges promote healthy development of the diamond industry, besides safe and basic infrastructures for diamond trade

Prior to joining the Guangzhou Diamond Exchange, Liang Weizhang served as a civil servant of Guangdong Entry-Exit Inspection & Quarantine Bureau as the director of the Kimberley Process Office. He participated in the KP Review missions to South Africa...

22 january 2018

GST Council revises GST rates for import of rough diamonds

13 september 2017
The Government of India's GST Council has decided to harmonise rates for import of rough diamonds across all HS Codes, thus reducing the GST on the industrial and unsorted diamonds category from 3% to 0.25%.This change was announced after the 21st meeting of the GST Council held on Sept 9, 2017.
Praveenshankar Pandya, Chairman GJEPC, said, “The harmonised rates of GST (for rough diamonds) was very essential for the ease of doing business and will support the diamond trade to import the goods in respective category without any fear of imposing of higher rate of GST by the department.”
The Indian industry is pressing for a couple of more demands from the government and GST Council. Among these is the abolishment of GST for business-to-business (B2B) transactions as well as removal of the 5% GST on labour.

Aruna Gaitonde, Editor-in-Chief of Asian Bureau, Rough & Polished

Comments

Only registered users can add comments (Register, Login)