GJEPC will focus on demand generation for diamonds and jewellery in the next two years

Mr. Vipul P Shah, Vice Chairman, GJEPC and also CEO & Managing Director of Asian Star Co. Ltd. has a rich experience in the diamond industry. His business acumen and professional conduct have contributed significantly in transforming a diamond manufacturing...

13 july 2020

The need for significant capital investments will be the main trend in the diamond mining industry in 2021-2030

The prospects of the diamond industry in the post-crisis period are discussed by the Rough&Polished correspondent with Sergey Mityukhin, Candidate of Geological and Mineralogical Sciences, Honored Geologist of the Russian Federation.

06 july 2020

Young Diamantaires: We create initiatives for the benefit of diamond communities worldwide

The World Federation of Diamond Bourses recently launched its Young Diamantaires website. The organization has worked for the past four years with young members of the diamond community all over the world to create a platform through which they can express...

29 june 2020

Those who implement the right anti-crisis strategies have more chances

It is not surprising that because of the pandemic and the crisis, the most heated debate in the jewellery industry is about what is happening and the possible ways of survival. Irina Slesareva, an expert, art director of the Russian Diamond Line contest...

22 june 2020

The secondary diamond market in Russia is not mature although its prospects are huge

Pavel Barannik, the founder and head of the Moscow Gemological Laboratory, the founder of the Gemological Institute and President of the Moscow Diamond Club, graduated from the Gemological Institute of America (GIA). He is an expert and consultant...

15 june 2020

India’s diamond sector seeks government support in current difficult times

22 june 2020

The Indian gem & jewellery industry had asked the Central Government of India for extension of the interest subvention scheme to the entire gems and jewellery sector. It also asked for providing a level-playing field to foreign mining companies to encourage them to start sales/auction of rough diamonds at special notified zones (SNZs) .
With a view to promote manufacturing and exports in the gem & Jewellery sector, the Government has plans for setting up of common facility centres (CFC) and facilitating shipments through e-commerce, and also provide hand-holding for investors with a focus on improving India's manufacturing capabilities.
The Director General Ajay Sahai of the Federation of Indian Export Organisations (FIEO) said the industry holds huge potential to boost manufacturing and exports and certain suggestions have been made to the commerce ministry to further push the growth of the sector.
He said that for further easing the working capital financing, manufacturers and exporters should be permitted to import loose diamonds without duty and SEZ (special economic zones) manufacturers should be permitted to sell loose diamonds and jewellery from SEZ to the domestic market without any duties and taxes to contain slowdown.
"The industry has asked for increasing the subvention rate from 5 per cent to 7 per cent to protect the trade and forex (foreign exchange) earning of the country and for the business fraternity to be competitive against other suppliers in the international market," Sahai said.
Industry experts also stress that there is a need for implementation of a risk management system in precious cargo customs clearance centre, Mumbai, to ensure ease of doing exports and imports. Also, the government should facilitate setting up of more common facility centres (CFCs) and mega CFCs to enable MSMEs (micro, small and medium enterprises) to use capital-intensive modern technology.

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