Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

Yesterday

GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

Arun Jaitley: Procedural simplification will be considered but 1% levy on gold purchases will stay

29 march 2016
Arun Jaitley, Finance minister, Government of India (GOI) has offered to walk the extra mile to ensure that small traders were not harassed, but made it clear that luxury items cannot go untaxed.
Indian jewellers have been on strike since March 3 in protest against the government’s decision to levy 1% excise duty on gold purchases introduced in the Budget.
“A luxury item must pay its share of taxes. So on procedural harassment, if they have any suggestions, I am willing to accept for simplification so that there is no harassment. I am willing to take an extra step. But indefinitely India cannot have a situation where luxury items go untaxed,” the finance minister said.
The finance ministry has also clarified that the 1% levy would be only for jewellers with turnover of `12 crore and above. Since artisans are not covered by this duty, they do not need to register, pay duty, file returns and maintain any books of account. “We have issued very strict guidelines. Only the primary manufacturers will be liable for excise, no job worker, no small trader etc. We have kept the threshold very high,” Jaitley said.
According to the finance ministry notification, the application for excise registration as well as returns can be filed online and field officers will provide hassle-free registration within two working days. There will be no physical verification of jewellers’ premises post-registration, and they would also not be required to declare their pre-budget stocks.

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