GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

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