Design is the key to all markets

Besides being an astute businessman, Mumbai-born Laksh Pahuja is a designer par excellence known globally for his awe-inspiring unusual jewellery pieces. Trained at the Gemological Institute of India and Harrow College of Art England, Laksh combines...

10 june 2019

Mutual mass destruction will not serve anybody’s purposes

The recent moves by the U.S. Federal Trade Commission (FTC), including its letters urging some companies to abide to the revised edition of FTC Jewelry Guides and the explanations from FTC attorney Robert Frisby posted on the FTC website were...

03 june 2019

Pavel Sokolov: Every stone has its beauty

THE ‘GEMSTONES BY SOKOLOV’ brand has been popular for over 25 years. The aim of this company is to supply any kind of gem studs to the Russian market including the unique ones except diamonds of any cut. The product range by the SOKOLOV Company is very...

27 may 2019

“We are building a new state-of-the-art tender facility,” says Ahmed Bin Sulayem, Executive Chairman, DMCC

Ahmed Bin Sulayem certainly needs no introduction being widely popular globally as one of the leaders of modern Dubai. As the Executive Chairman of DMCC, Ahmed Bin Sulayem has played and continues to play a key role in establishing and positioning DMCC...

20 may 2019

De Beers scaling up Tracr ahead of formal launch

De Beers tracked 100 high-value diamonds along the value chain during the pilot of Tracr™, its industry blockchain platform, for the first time in May last year. A De Beers spokesperson Bianca Ruakere told Rough & Polished in an exclusive interview that...

13 may 2019

Smuggled SA diamonds might have funded Brexit campaign

24 december 2018

news_24122018_banks.pngAnti-corruption bodies are to question Arron Banks, who owns diamond productions in African countries, over allegedly smuggled rough diamonds out of South Africa, according to the Guardian.
The accuses are based on the evidence presented by the Forensics for Justice team headed by fraud investigator Paul O’Sullivan, who said that they had received an email from Banks, which was destined for his former business partner Chris Kimber.
The email says, “Chris, can you bring over a certificate for the diamond I took back – have you got any blanks!!! Was looking at getting it cut but need the paperwork…A.”
The Guardian cited the Observer that reported that the National Crime Agency, which is probing Banks on the 8 million pounds donation to a Brexit campaign. However, Banks said that all the allegations that the money came from South African businesses had no grounds.
According to the report, the price of the smuggled diamond was of about $40,000 in its rough form and if the businessman had declared the stone he would have payed a 15% tax.
The source of the diamond remains unclear as the diamond doesn’t have a “Kimberley Process Certificate” saying that the stone was mined in a legitimate mine, though it is believed that the gem comes from one of the productions that belong to Banks.

Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg