“With technology all information is immutable and Blockchain cannot be compromised,” reassures Erik Jens, CEO, LuxuryFintech

When Erik A Jens quit ABN AMRO as global CEO of its diamond and jewellery client division, he started his movement called LuxuryFintech, which provides services such as commercial and corporate banking solutions for the art and jewelry sector, and asset-backed...

Yesterday

Diamonds across time

Not so long ago, the global library of professional publications on precious stones was replenished with a unique book about rare diamonds and diamond jewelry published by the World Diamond Museum. Alex Popov, the founder and director of the museum told...

18 january 2021

Academician Pokhilenko: The situation with rough diamonds in the Russian Federation will start changing for the worse as early as 2025

Nikolai Petrovich Pokhilenko, Academician of the Russian Academy of Sciences (RAS), Deputy Chairman of the Siberian Branch (SB) of the RAS, Scientific Director of the Institute of Geology and Mineralogy of the SB of the RAS, is a prominent...

11 january 2021

Ilgiz Fazulzyanov: For a creator, the quarantine is the time to work on future masterpieces

Ilgiz Fazulzyanov is a successful and internationally recognized jewellery designer. He received his academic art education in Kazan and moved to Moscow in the 1990s where he lives and works now. His brand, Ilgiz F., is well known among true connoisseurs...

04 january 2021

Botswana Diamonds keen to mine KX36 kimberlite if found commercial

Botswana Diamonds intends to mine the KX36 kimberlite, which it recently acquired from Petra Diamonds if found commercial. The high-grade KX36 kimberlite pipe is part of the three Prospecting Licenses in the Central Kalahari Game Reserve in Botswana...

28 december 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