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

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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

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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

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23 august 2021

Angola mulls tax break to revive diamond industry

13 november 2020
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Diamond ore condentration at ENDIAMA                                                                                                 Image credit: ENDIAMA

Angola is considering a tax break in the fiscal year 2021 to revive the country’s diamond industry, according to media reports.
Angola’s special taxation director of the General Tax Administration Pedro Marques was quoted by Xinhua as saying that the move was meant to encourage diamond companies to produce and sell more stones.
“Angola expects to obtain 42 billion kwanzas (about 63.1 million U.S. dollars) in taxes from the diamond industry in 2021,” he said.
“Next year we will advise and help companies on how they can benefit from the various incentives that have been provided in the mining code, how companies can benefit from reduced tax costs and periods of grace in the payment of income tax.”
Angola is projected to have collected up to 27.9 billion kwanzas ($41.9 million) in tax from the diamond industry in the first nine months of 2020.
Angola produced 5.3 million carats of diamonds between January and August this year.
Endiama had targeted to produce 10.5 million carats this year and realise revenue of $1.4 billion.
However, the country will miss its target due to the Covid-19 pandemic.
Angola earned about $1.3 billion from just over 9.44 million carats of diamonds sold in 2019.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished