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

Bank of Botswana calls for tax reform before diamonds deplete

06 june 2018
Botswana should reform its tax regime before revenue from diamonds start depleting, according to a study done by the country’s central bank.

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Image credit: Bank of Botswana


Botswana relied on diamonds for almost a fifth of its gross domestic product, however, the gemstones were expected to dwindle over the next 20 years.
“There is recognition that growth in diamond revenues has plateaued and might recede in the future,” Bloomberg cited the central bank as saying.
“It is thus important to explore alternative and sustainable sources of financing for public infrastructure.”
The central bank said specific tax reforms include removing widespread exemptions on value-added tax and investor concessions.
“We have recommended the expansion of the tax base through, among others, reducing the number of VAT-exempted items and replacing these with targeted social transfers,” said Tshokologo Kganetsano, director of research and f inancial stability.
Botswana had several long-standing tax concessions for investors, including the International Financial Services framework that provides for a 15 percent corporate tax rate, instead of the standard 22 percent and conditional exemptions on capital gains tax, withholding tax and other rates, according to Bloomberg.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished