Our main role is to inspire consumers to consider diamonds - Jean-Marc Lieberherr

With over 25 years of experience in a variety of leadership positions across many geographies, functions and businesses, Jean-Marc Lieberherr has more than 10 years’ experience as a diamond industry leader, which includes as a Board member of the World...

09 december 2019

Training in diamond valuation is key for artisanal miners

Ian Rowe, the Executive Director of the Diamond Development Initiative (DDI) was appointed in September 2019, having joined DDI as Deputy Executive Director a year earlier. Ian managed field operations in Sierra Leone within this role and led...

02 december 2019

Kangalassi 2.0: Raising the living standards, creating new jobs

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25 november 2019

We live in a new dimension of environmental responsibility carried by business

In mid-October, Moscow hosted the VIII Ecological Forum attended by representatives from the State, large industrial companies, scientific and public organizations. The forum delegates discussed the issues related to finding a balance between the socio-economic...

18 november 2019

De Beers’ GemFair delivering ‘positive impacts’ to ASM sector in Sierra Leone – David Johnson

GemFair, a pilot project developed by De Beers to create a secure and transparent route to market ethically sourced artisanal and small-scale mined (ASM) diamonds, is already delivering “important positive impacts” in Sierra Leone. Group head...

11 november 2019

High import duty wipes out 'round-tripping' practice in the Indian diamond industry

29 november 2019
After the Indian central government increased import duty on polished diamonds from 2.5% to 7.5%, round-tripping of polished diamonds, a bogus trade practice intended to artificially inflate the balance sheets, has been completely eradicated in India, says a TOI report.
The import of polished diamonds, which touched $20 bln in 2010-11 has been reduced 10 times to just $2 billion in 2018-19. However, the industry leaders stated that the increase in import duty has left genuine diamantaires, including those having manufacturing units in South African countries, in the lurch.
But, round-tripping was not new to the Indian diamond industry as the practice was going on since 2007 when the Central government scraped the 3 per cent import duty and allowed free imports of cut and polished diamonds. The unscrupulous traders took this as an opportunity to carry out ‘round-tripping’ and defraud the banks.
A senior office-bearer of the Gems and Jewellery Export Promotion Council (GJEPC) reportedly told TOI, “The round-tripping of diamonds is over, but the genuine players in the industry having their offices in Hong Kong, South Africa and Antwerp are facing business losses. They are unable to send the diamond assortments to India due to high import duty. The import of polished diamonds, since the duty hike in September 2018, has shown a decline by around 25% and revenue collection too has had a dramatic drop by over 51%. We have requested the government to reduce the duty back to 2.5% to help the genuine players in the industry.”

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