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

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

India trims import duty on gold and silver to 7.5% from 12.5%

02 february 2021
Image credit: Dima Valkov (Pexels)

India’s Finance Minister Nirmala Sitharaman has announced a slew of measures to boost Gem & Jewellery exports by cutting import duty on precious metals such as gold, silver and platinum within the new country’s budget for 2021-2022, GJEPC said in a press release distributed on Monday.
The import duty on gold and silver has been reduced from 12.5% to 7.5%, while importers of platinum, palladium, etc., will now be levied a 10-percent duty instead of 12.5% they paid before.
Commenting on the government’s decision, Colin Shah, Chairman, GJEPC said, “We sincerely thank the Hon’ble Prime Minister and Hon’ble Finance Minister for this bold and pragmatic growth-oriented budget. The reduction in import duty from 12.5 per cent to 7.5 per cent will help the Gem & Jewellery exports become globally competitive.  Reduction in duty on raw materials would give the much-needed boost to the sector and help it to move to the next level. In fact, high duty on precious metal had made our exports uncompetitive leading to large Indian diaspora/NRI, moving to Dubai, Hong Kong or other centres to buy jewellery which was largely impacting the employment as well as business in India. Along with this the decrease of import duty on jewellery findings to 10% will help the jewellery manufacturer exporters in a big way.”
Thanking the Prime Minister and Finance Minister for coming out with a visionary budget, Vipul Shah, Vice Chairman, GJEPC said, “The finance minister has done a remarkable job by presenting a bold budget in these difficult times. The budget focused on investments in the infrastructure sector, consolidation of regulations, implementing digitisation in several sectors and reducing regulatory forbearance. There were also various measures to improve consumptions. We want to congratulate finance minister and prime minister for coming out with a landmark budget.”

Vladimir Malakhov, Rough&Polished