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

GJEPC presents industry recommendations for upcoming budget

13 february 2012

The Gems & Jewellery Export Promotion Council (GJEPC), the apex body of the Indian gem and jewellery industry has identified certain key areas which need the attention of the Union government in order to sustain the growth path of the Indian gem and jewellery industry, Diamond World reported. The GJEPC has put forth its recommendations for the forthcoming budget.
Mr Rajiv Jain, Chairman of GJEPC appealed to the government to remove tax related strangleholds that are preventing the industry from growing at a healthy and desired pace. Additionally, some of these issues are also creating conflict resulting in litigation and high cost of collection of income tax by the GOI.
A key issue the industry seeks is the implementation of the Presumptive Tax, which was recommended by the Sivaraman Committee in 2006, but the government failed to implement. Instead it introduced a Benign Assessment Procedure in 2007-08, which has not been successful for the industry, and the industry now seeks its withdrawal. The GJEPC recommended that the prescribed rate to be reflective of the reality in the diamond manufacturing and trading industry which is in the range of 1 percent to 3 percent.
Other recommendations include import duty reductions on Machineries, Worked Coral, Rhodium; Income Tax Exemption to all Export Promotion Councils; amendment in the Income Tax Act 1961-Trading in derivatives in specified stock exchanges will not be treated as “speculative transactions for the purpose of Income Tax Act; withdrawal of 1% Excise Duty on Branded Jewellery; to allow import of rough diamonds on consignment basis from mining companies like Alrosa, De Beers, etc, Reduction of Interest in export sector in Rs terms; and availability of Dollar financing to exporters.