Diamex Lab: Our technology allows you to trace the history of the origin of each stone

Gleb Sverdlov, CEO of Diamex Lab told Rough & Polished in his interview below about the development of IT technologies for the market of rough and polished diamonds and jewelry.

17 february 2020

The future of the market goes hand in hand with gemology

After 2019, a challenging year for the global diamond industry, we asked Yuri Shelementyev, head of the Moscow State University (MSU) Gemmological Center and president of the National Gemological Association (NGA), to share his views...

10 february 2020

Diamond industry in healthier position going into 2020

The diamond industry is in a healthier position going into 2020 due to actions taken last year, according to De Beers. Group spokesperson David Johnson told Rough & Polished’s Mathew Nyaungwa that the actions taken included reducing rough diamond production...

03 february 2020

Ethical sourcing and Diamonds Standards Organization

The diamond sector is ready to embrace a new decade and overcome some of its historical challenges. Ethical sourcing has proven to be undoubtedly one of the main aspects that industry professionals need to address. Antonio Cecere, President of Geneva...

27 january 2020

Ali Pastorini: Challenges make us think out of the box and be closer to customers

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together more than 1,000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

20 january 2020

G&J industry welcomes measures to boost MSME Sector, establish Bullion Exchange in Union Budget

04 february 2020

The Finance Minister in her Union Budget for the fiscal year 2020-21 presented a gamut of initiatives, which cheered the entire gems and jewellery industry in the country. The government proposed to reduce the import duty on platinum from existing 12.5 per cent to now 7.5 per cent. Also, the proposal for establishing a bullion exchange at GIFT City is an encouraging move to attract international bullion trading.
Pramod Kumar Agrawal, Chairman, The Gem and Jewellery Exports Promotion Council of India said: “We welcome the Union Budget announced by the Finance Minister. It certainly has measures to boost domestic consumption and to put the overall economy on a growth trajectory. We strongly believe that the government is determined to make India a USD 5 trillion economy.”
“The proposal to establish bullion exchange at the GIFT City will attract international bullion trading to India. It will also help in the establishment of full-fledged Bullion exchange in India in future. Also, we understand that the government has now equated the gold bullion sector under a single import duty regime by increasing the import duty on gold coins from 10 per cent to 12.5 per cent. Our demand was to decrease the import duty on bullion to 4 per cent from 12.5 per cent”, added Agrawal. 

news_04022020_bullion_exchange.png
Image credit: Linda Hamilton (Pixabay)

Commenting on other important aspects from the budget, Pramod Agarwal said: “Initiatives like invoice financing, working capital and debt financing by banks and NBFC's, raising the threshold for audit from 1 crore to 5 crores will address the existing demands of the G&J sector and will also give a push to the sector to accelerate further. The industry also believes that the NIRVIK Scheme would increase the export credit disbursement to the gems and jewellery sector. With these initiatives, the government marches ahead to make India global gems and jewellery hub by 2025.  The removal of Dividend Distribution Tax is an encouraging move, and the decrease in income tax on various income slabs will empower purchasing power of common people.”
On the proposed import duty rise on rough coloured gemstones, rough semi-precious gemstones and pre-forms of precious and semi-precious gemstones, Agrawal said: “These rough gemstones are primarily imported for cutting and polishing work and are later exported internationally. There is a very minuscule domestic consumption of coloured gemstones and India competes in exports in this segment with China and Thailand. This rise in import duty of rough coloured gemstones could upset the exports of gemstones from Rajasthan, the hub of coloured gemstones processing which employees around 1.5 lakh workers. We earnestly request the government to roll back the proposed import duty on these rough coloured gemstones in the interest of gemstone exports from India.”

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