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...

Yesterday

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

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05 august 2019

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

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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

Starting from 2022 synthetic diamonds are to be marked with special codes - Russia’s Ministry of Finance

06 may 2019

news_06052019_minfin.jpegTo prevent the penetration of synthetic stones into the market of natural diamonds, the natural stones industry needs to support initiatives to classify synthetic diamond products for customs clearance under separate product codes.
This was announced by Deputy Finance Minister Aleksey Moiseev during a meeting with Alok Vardhan Chaturvedi, Chairman of the Kimberley Process, and Ambassador of the Republic of India to Russia D. Bala Venkatesh Varma.
“We hope that India will actively support our work at the national level, ensuring the adoption of separate customs codes for synthetic diamonds in India, tightening the regulation of the domestic market to ensure consumer protection. Russia has already passed a law prohibiting synthetics from being called precious stones,” Moiseev said.
According to him, the work to promote this initiative within the KP is under way, it includes the implementation of special 6-digit codes (HS codes) for synthetic rough stones and diamonds: 7104 21 and 7104 91 respectively. In March this year, within the framework of the WTO The Harmonized Commodity Description and Coding Committee meeting, the proposed changes were unanimously approved. A final decision is expected at the council meeting in June. In case of successful completion of the final stage, changes to the Harmonized System will take effect from January 1, 2022.
During the meeting, representatives of the two states also discussed other initiatives of the Russian side, which will become the KP chair next year, such as the creation of a permanent secretariat of the Kimberley Process as one of the key areas of the current organization reform and the creation of responsible supply chains.

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