The diamond business is yet bright and has a good future in the coming days

Hitesh Patel, Managing Director of Dharmanandan Diamonds Pvt. Ltd., joined the family business in 1997 to help his father Laljibhai Patel, the founder of Dharmanandan Diamonds Pvt. Ltd. Egged on by its success, Hitesh set up the overseas presence of...

19 august 2019

The talk around LGDs is all hype

As a teenager, Luca Luterbacher began to design and manufacture single pieces and individual items for wealthy private family friends from Switzerland and Lichtenstein. In 2017, he finally invested in his own luxury trademark "Luterbacher."...

12 august 2019

Correct adjustment of advertising is the major challenge

At the recent Amberforum held in the Baltic city of Svetlogorsk, Andrey Yanchevsky, Head of the trade representation of the LA VIVION jewelery company shared his opinion with the correspondent of Rough&Polished on the state and prospects of the jewellery...

05 august 2019

Small-scale diamond mining is the future in Botswana – Leon Daniels

Pangolin Diamonds, which is currently the most active diamond exploration company in Botswana, has called upon authorities in the southern African country to include diamonds into the minerals permit for small scale mining operations. Pangolin chief...

29 july 2019

“There has been a strict policy in Israel against LGDs; have been forbidden on IDE trading floor for years.”: Aviel Elia, Managing Director- IDI

Aviel Elia, an attorney by profession, has served as Legal Adviser and Company Secretary of IDI since 2013. As a key member of the Israel Diamond Institute (IDI) management team, he has been involved in developing company strategy and negotiating...

22 july 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