The indelicate balance of ethics against profit

I am slightly pained to write this blog, as over the years I've made many close friends and contacts in Switzerland, not to mention worked very closely with several Swiss-based companies as part of our recently launched DMCC Crypto Centre, including...

Today

Yakut diamonds, the symphony of permafrost

The Yakutia-based Kierge company, one of the Top 100 of the leading jewellery brands in Russia, opened its showroom in Moscow this autumn, which is gaining popularity in the capital of Russia. “Kierge” is the Yakut for a “finery, decoration” in a broad...

22 november 2021

Vladislav Zhdanov - “The use of diamonds in high technologies is the main and key target of the diamond synthesis technologies”

Vladislav Zhdanov, Professor at the Higher School of Economics, Advisor to Director General - Chairman of the Management Board of the Russian Railways company, and former Vice President of ALROSA (2015-2018). He is a physicist by background...

15 november 2021

Ali Pastorini: The white diamond is the equivalent of a white shirt for a woman

Ali Pastorini is the co-owner of Del Lima Jewelry and President of Mujeres Brillantes, an association that 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...

08 november 2021

“As a purist and old school diamantaire, I don't believe in LGD,” says Vin Lee, CEO Grand Metropolitan

Vin Lee, the King of Luxury, doesn’t need any introduction. He is a self-made billionaire CEO of Grand Metropolitan. The Beverly Hills' family office Grand Metropolitan is $7 billion AUM privately-held luxury goods holding company with a 60-brand...

01 november 2021

Indian government mandates self-regulation for import-export of rough diamonds

24 november 2021
The Directorate General of Foreign Trade (DGFT) Government of India, through notification no. 43 /2015-2020 dated 22nd November 2021, has announced that import or export of rough diamonds will be permitted only to members registered with the Gem & Jewellery Export Promotion Council (GJEPC), which is the designated importing and exporting authority for the Kimberley Process Certification Scheme (KPCS), says a press release from GJEPC.  
Through this notification, the Central Government has revised the policy conditions governing import and export of rough diamonds falling under chapter-71 of Schedule (I) of ITC(HS) 2017 and Schedule (II) of ITC(HS) 2018.
Welcoming the amendment, Colin Shah, Chairman, GJEPC, commented, “As the largest manufacturing and exporting centre of cut and polished diamonds, India’s commitment against the proliferation of conflict diamonds is highlighted with this act of the Government. It gives GJEPC and its members power to self-regulate and continue with the impeccable standards that the Indian diamond industry as a brand put forth to the world.”
The KPCS came into effect from 1st January 2003 and evolved into an effective mechanism for stopping the trade in conflict diamonds. India was one of the founding members of KPCS. Currently, KP has 56 participants, representing 82 countries, with the European Union and its Member States counting as a single participant. KP members account for approximately 99.8% of the global production of rough diamonds.

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