Colorless diamonds as an investment class are evolving beyond their traditional ability to preserve, relocate and pass on wealth

Antonio Cecere, the Founder & VP of Monaco Diamond Exchange dons many caps simultaneously. Currently, he is the President of Geneva Diamond Exchange, the President of Diamond Investment Club and the Principal of the Cecere Group. Antonio’s ability to...

15 april 2019

Jewellery with diamonds, even with small ones, sells better than without diamonds

The Yakut jewellery firm Kierge was set up 25 years ago on the basis of the jewellery workshop PKF Yakutrembyttekhnika which, in its turn, was founded way back in the 1970s. Over this period, Kierge turned into a well-established company successfully...

08 april 2019

Lucapa’s Wetherall on the past, present and the future

Lucapa Diamond chief executive Stephen Wetherall recently attended a mining conference, in Cape Town South Africa, where he met Rough & Polished’s Mathew Nyaungwa and granted him an exclusive interview. They discussed Angola’s first international diamond...

01 april 2019

India’s gem and jewellery industry expects the government will consider its demand for lower import duty on raw materials

A go-getter at heart, with an attitude to match, Pramod Kumar Agrawal, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) of India is a man in a hurry. He has not left any stone unturned to bring back the Indian gem & jewellery...

25 march 2019

“Only do business with clients who have impeccable integrity,” suggests Davy Blommaert, banker

Davy Blommaert heads the Diamond Business at National Bank of Fujairah, which falls under the bank’s corporate and institutional banking division. With nearly 10 years of experience in the diamond industry, he was tasked to establish a unit within NBF...

18 march 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