“Lab-Grown Diamonds is probably the biggest scam this industry has ever seen,”: Leibish Polnauer, Founder-President, Leibish & Co.

An interesting story from the Leibish & Co takes you way back to the year 1979 when young Leibish Polnauer, then a diamond polisher, was travelling to London, having just found out that the factory at which he worked had been shut down. He found an advertisement...

24 june 2019

Botswana mining industry players speak on speculative exploration licences

Speculative mineral exploration licences was a recurring theme from presentations made by three players in Botswana mining industry at a conference convened in Gaborone. The country has issued thousands of exploration licences, across the mining industry...

17 june 2019

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

Union Budget 2019-20: GJEPC expects government to decrease import duty during full budget in July

04 february 2019

The much anticipated Indian Government’s Union Budget FY 2019-20 was announced 1 Feb 2019 by acting Finance Minister Piyush Goyal.
Commenting on the Interim Budget, Pramod Kumar Agrawal, Chairman, Gem & Jewellery Export Promotion Council (GJEPC) said, “We understand that the budget presented was a vote on accounts budget and is not a full budget. We welcome Govt.’s thrust on ensuring progress and prosperity through the budget. The relief given in direct taxes to middle classes and farmers will be good for increasing jewellery demand in the country. Also, we hope that with the capital infused in the banking sector and banks coming out of PCA will help in solving the shortage of working capital for our exporters. At the same time, we are disappointed that the demand for a decrease in import duty of raw materials like gold, silver, cut & polished diamonds and coloured gemstones were not included in the budget today. We hope that during the declaration of the full budget after elections the gems and jewellery sector demands will be addressed.”
The Indian gems and jewellery industry has been a foreign exchange earner for the country for many decades. Currently, the industry contributes 7% to India’s GDP and accounts for about 13.52% to India’s merchandise exports.
And, most importantly the industry directly employs around 5 mn people of the country, thus making a significant contribution to the country’s economy. The industry now maintains global leadership in cutting and processing of diamonds and some other category of gemstones as well.
The industry is hopeful that the government would resolve the many concerns and pave the way for Indian g&j exporters to cater to international markets and achieve the target of $60 bn exports for the gem & jewellery industry by 2022.

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