Login

Ali Pastorini: Selling just the idea of glamour is no longer enough

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together approximately 1000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

21 may 2018

Diamonds are shifting from occasional to daily wear

Joy Alukkas started his first jewellery showroom in UAE in the year 1987, and today the Joyalukkas Group is a multi-billion global conglomerate with varied business interests. Beginning with a single jewellery room in Abu Dhabi, Joy Alukkas has grown...

14 may 2018

GJC has played a crucial role in the last 10 years in improving the compliance level in the industry

Coming from a renowned family of jewellers based in Akola, Maharashtra, Nitin Khandelwal heads Khandelwal Jewellers (Akola) Pvt Ltd. He has interests in the Plastic industry, Real estate, Health & Recreation and Cold storage industries as well...

07 may 2018

Johnson: ASM diamond sector a potential new source of supply for De Beers

De Beers recently said that it is planning to pilot a programme called GemFair that will create a “secure and transparent route” to market for ethically-sourced artisanal and small-scale mined (ASM) diamonds. GemFair would partner with the Diamond...

03 may 2018

Zimnisky: Hard to protect lab-diamond price as production methods, economics improve

Paul Zimnisky, an independent diamond industry analyst and consultant, said it will be very difficult for the lab-diamond manufactures to protect price as production processes and economics improve. He told Rough & Polished’s Mathew Nyaungwa in an exclusive...

23 april 2018

Israeli government to help diamond industry with credit guarantees

13 february 2018
A committee for examining credit and growth in the diamond sector chaired by General Naama Kaufman-Fass submitted recommendations recently to Minister of Economy and Industry Eli Cohen. The committee was founded at the request of the diamond traders, who complained that their ability to compete globally with countries such as India and Qatar had declined in recent years.
The recommendations include a special aid track for diamond traders in the framework of the fund for small and medium-sized businesses that will make it possible to provide diamond traders with NIS 1 billion in credit, financing for overseas conferences aimed at encouraging buyers to come to Israel, and state aid in founding a polishing facility for large stones.
The committee found that 70% of diamond sector businesses with turnovers of up to $3 million were suffering from a credit crunch that resulted mainly from their dependence on banks, which classify activity in the diamond sector as high-risk, among other things due to the lack of adequate collateral for credit.The committee examined the trends in this sector while formulating measures capable of removing barriers making it difficult for diamond traders to obtain credit.
Kaufman-Fass said, "Implementation of the committee's recommendations, together with activity by diamond sector leaders relating to the Prohibition on Money Laundering Law and the transition to full reporting to the Israel Tax Authority, will help push the sector forward in every aspect, in both credit, and in the commercial aspect."
Eli Cohen said,"These measures are designed to provide new tools and address the diamond traders' challenges while easing the regulatory burden. This will lead to growth in production and exports."

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

Comments

Only registered users can add comments (Register, Login)