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

Pakistan Eliminates Sales Tax on Platinum, Diamond and Precious Stones

20 august 2009

The Federal Board of Revenue (FBR) has eliminated the 16 percent sales tax on imports and local supply of platinum, palladium, diamonds and precious stones. The move is aimed at reducing the cost of production and encouraging exports in the gem and jewelry sector, RAPAPORT reported.
In the Trade Policy of 2008, a waiver of customs duties and sales tax was approved on imports of gold, diamonds, silver, platinum, palladium and precious stones. The waiver was not extended to pearls and other synthetic or reconstructed precious or semiprecious stones, even though these are increasingly being used in jewelry production. Despite the cabinet decision, FBR failed to comprehensively implement the changes.
In the Trade Policy of 2009-10, it has been decided to exempt natural pearls and other synthetic or reconstructed precious or semiprecious stones from customs duty and sales tax. It was also announced in the policy that implementation of the cabinet decision will be expedited. In view of the instructions of the cabinet, the FBR has allowed an exemption from sales tax for imports and local supply of platinum, palladium, diamonds and precious stones.
The Ministry of Commerce's goal is to provide a medium-term policy framework with a focus on improving supply to achieve sustainable export growth. The policy's thrust will be to enhance quality, improve business processes through structural transformation and transferring resources to achieve production, and export of a more sophisticated and diversified range of products. The focus of the Trade Policy of 2009-10 is to promote and encourage exports, such as those of gems and jewelry.