Unifying role is the main objective of the National Gemological Association

Yuri Shelementiev runs the Gemological Centre (GC) at the Moscow State University and is a president of the National Gemological Association (NGA) uniting the gemologists of Russia. The head of the MSU’ GC and the NGA answered the R&P’s...

15 july 2019

“Our goal is to bring clarity to the offering of Lab Grown Diamonds”, asserts Chris Casey, President, Lab Grown Diamond Council

Chris Casey is a 15-year veteran of the diamond and jewelry industry.  Chris also has extensive experience in market research as Founding Managing Director of the NPD Diamond and Diamond Jewelry Service where his responsibility included the...

08 july 2019

Dr. Michael S. Krzemnicki: Our dedication to scientific research is an important foundation to our expertise

Dr. Michael S. Krzemnicki, PhD, Director of the Swiss Gemmological Institute SSEF, in an interview with R&P told about the activities and plans of one of the world's leading Gemological laboratories specializing in scientific research of diamonds...

01 july 2019

“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

GJEPC: Gem & Jewellery industry disappointed with the increase in import duty on Gold and precious metals

09 july 2019
gjepc_logo_news.pngIn the run-up to the ‘Union Budget 2019,’ The Gem & Jewellery Export Promotion Council (GJEPC) had sought a reduction in import duty on gold and precious metals, as well as a reduction in import duty on cut & polished diamonds from 7.5% to 2.5%.
However, during the presentation of Union Budget 2019-20 on 5 July, Hon. Union Finance Minister Smt. Nirmala Sitharaman announced the increase from 10 to 12.5% import duty on gold and precious metals, as per a press release from GJEPC.
Pramod Kumar Agrawal, Chairman, GJEPC, said, “The gem & jewellery industry is going through very tough times with decline in exports and job losses and the industry expected some positive announcement as an encouragement to our sector. GJEPC had represented for the reduction in import duty for raw material inputs like gold, diamond and coloured gemstones to get some blocked capital released.”
“The cost of doing business has now gone up. We seek a reduction in high import duty on Precious Metals Gold/Silver/Platinum as it is encouraging grey market, hampering Export Competitiveness and resulting in job losses and has not helped in curbing CAD,” he added.
Welcoming other proposals made in Union Budget digital mode of payment for business establishments with an annual turnover of more than Rs. 50 crore; a lower rate of 25% corporate tax to include all companies having an annual turnover up to Rs. 400 crore etc, initiatives of facilitating cluster-based development to make the traditional industries more productive etc, Agrawal  also said that India’s Gem & Jewellery Industry, a world leader in cut & polished diamonds, is a $41 bln industry and contributes 7% to India’s GDP and 15% to Merchandise Exports; and employs workforce of 5 Mln across India.
The GJEPC statement reiterated that GJEPC seeks a reduction in Import Duty on Precious Metals Gold/Silver/Platinum from 10% to 4%; reduction of import duty on cut and polished precious and semi-precious gemstones from 7.5% to 2.5%; facilitating exports of gems & jewellery through e-commerce; and special budget provision for inclusion of gems and jewellery merchant exporters under 3% interest equalization scheme from the government.

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