Vladimir Zboykov: New times have come for jewelers

How a personal collection of minerals was thrown on the scrap-heap, who is behind the destruction of gemstone consumption culture in Russia and why jewelers will soon have to choose between business and prison – all this was told to Rough & Polished...

Yesterday

Changing preconceptions in the diamond and financial markets

Eli Avidar is a man on the move…literally. In April, the former Israeli diplomat stepped away from the CEO’s office at the Israel Diamond Exchange, a position he had held for more than two years, and from the Israel Diamond Institute, where he had been...

13 august 2018

Chasing a dream…

Elina Chan, MD of Shenzhen Shi Qing Yu Zhubao Ltd completed her higher education from Xiamen University and Master’s degree from Hong Kong University. To achieve her dream to start a business, Elina gave up numerous job opportunities in Hong Kong and...

06 august 2018

Pangolin Diamonds using termites to find kimberlite indicators in Botswana

It is not a secret that the rate of kimberlite discovery in Botswana has dropped considerably and research has shown that termites can help diamond explorers have an understanding of the transport mechanism of kimberlite indicator minerals from the kimberlite...

30 july 2018

In another fifty years, we’ll have a different scale of valuation, and all those items of natural origin – including diamonds – will sharply increase in price

Within the framework of the Qatar-Russia 2018 Year of Culture, the World Diamond Museum hosts an exhibition of the Qatar Museums at the State Historical Museum in Moscow – "Pearls: Treasures of the Seas and the Rivers," that opened on 11 July...

24 july 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