Indian gem and jewellery manufacturers have the skill and capabilities to cater to any market in the world

Besides spearheading the “White Paper” last year, Colin Shah, Vice Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) has been actively involved in the initiatives of the Council like MyKYCBank and many more… A first generation...

11 february 2019

The Indian gems and jewellery industry was progressing in the past and will certainly progress in the future

Dinesh Navadiya, the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India, is also the representative of the Gujarat G&J sector at various organisations as well as government authorities...

04 february 2019

The Russian Diamond Line: We do not believe that gifted persons would win through on their own

The Russian Diamond Line, a Moscow international jewellery contest of jewellery design, has been held for a decade already. At the end of the year, the results of the jubilee RDL-2018 contest were summed up, and on December 14, the prizewinners of the...

28 january 2019

New lending will have to be fully asset-backed with true provenance and transparency in the flow of goods and monies

After handling Gem & Jewellery (G&J) industry financing as a banker for many years, Erik A Jens sees an opportunity now that numerous banks are withdrawing from the sector. He is exploring opportunities to establishing a financing firm focusing...

21 january 2019

The majority of women don’t care whether their diamonds are mined or lab grown - Alex Popov, CEO of Âme

Alex Popov, President of the Moscow Diamond Bourse and former Chairman of the World Diamond Mark Foundation (WDMF) launched a new jewelry brand under the name of Âme focused on design and using lab grown diamonds to produce jewelry meant to meet...

14 january 2019

South Korea abolishes diamond tax following appeals by KDE

06 february 2019

World Federation of Diamond Bourses (WFDB) President Ernie Blom has praised the work of the WFDB-affiliated Korea Diamond Exchange (KDE) in persuading the government to abolish a high diamond tax instituted more than four decades ago, says a press note from WFDB.
Following five years of talks and intensive work by the Korea Diamond Exchange (KDE), the South Korean government in December has abolished a 26% Individual Consumption Tax on imported polished diamonds that dates back to 1976.
KDE Chairman Nam Chang-Soo said: "Now, South Korean diamond importers will have a simplified tax regime: a 5% import tax and 10% Value Added Tax. We hope that the abolition of the ICT and simplified taxes will have a very positive effect on diamond jewelry sales in South Korea. I believe that we will see a big increase in sales of polished diamonds and of diamond jewelry.”
Chang-Soo added, "Together with the WFDB, we aim to build improved business practices and to show diamonds in a positive way to consumers in South Korea. The ICT restricted the domestic jewelry industry’s growth and competitiveness globally. The abolition of ICT will boost the growth of the jewelry industry locally and worldwide. It has not only opened the door for members of the local jewelry industry, but also for foreign diamond manufacturers and dealers to establish a foothold in the market. I am also confident that this amendment in tax structure will lead to increased tax revenue from higher official imports of diamonds and will curb underground business. This will also lead to the revitalization of the jewelry industry and finished diamond and precious stone-set jewelry with competitive prices for global markets. I believe this will also will lead to increased consumption of loose diamonds in the country and create higher demand for diamonds in the country."
WFDB President Blom said: "It is always encouraging to see governments abolishing taxes, which only serve to restrict sales, and to make tax regimes simple and logical. I congratulate the KDE and its Chairman Nam Chang-Soo for their hard work and persistence over the past five years in putting the case to their government. The South Korean people love diamonds, and I believe this tax change will expand sales and encourage foreign companies to become involved in the world's eighth-largest economy. I encourage our bourse members around the world working under high taxation to approach their respective governments to work to bring down tax rates."

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