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

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

Russian diamond manufacturers request state support

08 july 2016
(kommersant.ru) - On the eve of the abolition of the 6.5% export duty on diamonds coming on September 1, 2016, Russian diamond cutters said they would need large-scale state support. As the Kommersant Daily came to know, the largest local diamond industry enterprise, which is Smolensk-based Kristall, proposed to introduce new protective market mechanisms, stating that without them, Russian diamond manufacturers shipping more than 90% of their production for exports, will not withstand competition with their Indian counterparts. Kristall proposed to give preference to residents of the Russian Federation in the purchase of diamonds from ALROSA and provide financial aid from the state and customs exemptions, as well as to establish a system of specialized banks for lending diamond manufacturers. The Finance Ministry and ALROSA promised to support the industry.
Russian diamond manufacturers are in need of large-scale state support, says the letter sent by Maxim Shkadov, CEO of Kristall to Deputy Finance Minister Alexey Moiseev. On the 1st of September, Russia clears the customs duty on diamond exports under the agreement with the WTO, which, according to the author of the letter, puts Russian diamond manufacturers in unequal competitive environment. Currently, the customs duty of 6.5% serves to balance business opportunities for Russian diamond manufacturers in competition with their peers in India and if it will be unilaterally cancelled the balance will be broken, Maxim Shkadov says. In this regard, he offers either to save this duty, or to introduce new protective measures - for example, to consider a possibility of “differentiating the amount of customs duty depending on the size and weight of exported rough diamonds.”
Yesterday, Alexey Moiseev confirmed to Kommersant the fact of such a request on the part of diamond manufacturers. "We will certainly support them, but the question how this will be done exactly remains open,” he said, adding that there is a working group (headed by Alexey Moiseev) created on the instructions of the government, which is seeking a solution to remedy the situation.