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...


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

Exclusion in GSP to hit India's G&J exports to EU

27 december 2016
India's gems and jewellery export to the European Union(EU) worth more than $3 bn a year is at risk due to the country’s exclusion in the list of Generalized System of Preferences (GSP), a practice which offers tax incentives from origin to destination countries, according to a report in Business Standard.
India enjoyed customs duty benefits to the tune of 2.5-4 per cent and value added tax between 20 and 25 per cent in various countries in the EU in the last three years of the GSP regime, ending this month.
As a result, Indian gems and jewellery export jumped to $3.6 billion in 2014-15, though it declined by 10 per cent to $3.2 bn 2015-16, due to unfavourable market conditions.
In the revised list, however, the EU has excluded this sector from the GSP list. This means, all customs and VAT applicable for non-GSP commodities would be applicable for gems and jewellery export from India. This exclusion comes as the sector faces challenges, due to the global economic uncertainty.
Praveen Shankar Pandya, chairman, Gems and Jewellery Export Promotion Council of India reportedly told BS: “The decision will definitely hit our exports to the EU. We would certainly take up this issue with the ministry of commerce very soon.”

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