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

Budgetary Blows

22 march 2012

The gem and jewellery industry in India has been sorely disappointed by the pronouncements made by the Finance Minister of India in his budget for 2012-13, says Diamond World in its weekly newsletter. They had proposed a number of measures, most of which find no mention in the policy pronouncements for the coming year.
The export sector has expressed regret that its suggestion for a presumptive tax on turnover has not been considered. It was felt that this would be a better way to curb round tripping that was being indulged in by certain elements than the imposition of a 2 per cent import duty on polished. Further, the absence of a competitive tax regime would discourage flow of investment and impact employment levels within the industry.
However it is the domestic industry that is really up in arms. The hike in duties on gold and the widening of the tax net making excise applicable to all jewellery is bad enough, in their opinion, but the new clause making it necessary to collect tax at source on sale of jewellery worth two lakh or more is literally the last straw.
It appears that the government has gone a step too far, and the duty hikes and the new tax systems, instead of encouraging the growth of a modern sector will do just the opposite. By providing a boost to illegal imports of gold and increasing possibility of harassment of industry members by government officials the budget will actually take the industry many steps backward.