Diamond prices remain steady despite sanctions imposed against ALROSA -Zimnisky

Sanctions imposed against ALROSA only resulted in the smaller gem and near-gem quality goods outperforming other categories in recent months, according to an independent diamond analyst Paul Zimnisky. He told Rough&Polished’s Mathew Nyaungwa in an exclusive...

27 june 2022

Most people see great potential in the growth of LGD jewelry market

Currently Wayne Wang-Wang Yichun is the General Manager, LUSANT - Incubation Project Management Department of Yuyuan Jewelry Co., Ltd. He was the General Manager of Shanghai Yuyuan Jewelry Co., Ltd - A Fosun Group Company; and General Manager of international...

20 june 2022

De Beers sees good potential for exploration activities in Angola

De Beers recently signed two mining investment contracts (MICs) with the Angolan government for licence areas in the provinces of Lunda Norte and Lunda Sul. The MICs for the two licence areas are for the award and exercise of mineral rights covering...

13 june 2022

Ali Pastorini: The jewelry consumer does not evaluate the brand only by price

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...

06 june 2022

“We aim to bring in a different kind of a jewellery experience for the consumers,” says Vaishali Banerjee, Managing Director, PGI-India

Vaishali Banerjee made a shift from the advertising and marketing industry to the jewellery industry to create category awareness for a metal that was lesser-known in the subcontinent. Initially, it was all about category creation in a vibrant, mature...

30 may 2022

Russia’s Ministry of Finance is not considering the abolition of VAT on the purchase of diamonds by individuals

25 may 2022
(TASS) - The abolition of VAT (Value Added Tax) for the purchase of diamonds by individuals is currently not under consideration, Deputy Finance Minister Alexey Moiseev told reporters on the sidelines of the State Duma.
“The abolition of VAT for individuals is not being considered. Since the discussion is ongoing now, I can say that initiatives are being considered to stimulate the sale of polished diamonds in the domestic market,” he explained.
Earlier, according to the Vedomosti news daily, the VTB Bank offered the Ministry of Finance to consider new incentives for the development of the diamond market in Russia. Thus, Andrey Kostin, chairman of the board of the bank, sent a letter to Finance Minister Anton Siluanov proposing to exempt from VAT not only the purchase and sale of diamonds by individuals, but also the sale of precious stones by diamond miners to banks and the public. In addition, the proposal includes setting a zero VAT rate for banks when selling polished diamonds made from Russian rough diamonds to individuals.