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...

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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...

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There is a significant need for smart and technological financial solutions in the diamond industry

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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

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De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

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16 august 2021

India’s growth of exports and jewelry consumption will slow down in the 2012

21 march 2012

On March 17, the government of India once again doubled the import duty on various types of gold and silver and also proposed to introduce a 2-percent import duty on colored polished gemstones. The innovations of the federal budget for 2012-2013 caused a lively response and protests from the jewelry industry.
"Next (fiscal) year, we don't expect export growth to be more than 5-7% as opposed to 10%-15% this year," said Rajiv Jain, chairman of Gem and Jewelry Export Promotion Council of India, in an interview to the Wall Street Journal.
Prithviraj Kothari, President of the Bombay Bullion Association, said that the new import duties will significantly reduce the demand for gold and that gold imports will increase, but through illegal channels.
Jewelry demand in India has already started to decline this year, followed by an increase in world gold prices, according to CNBC.
Kothari also said that the higher duty would bring about higher prices for locally made jewelry and would hurt jewelry exports of Indian firms like Rajesh Exports, Titan Industries and Gitanjali Gems contributing a significant amount of revenue to the national budget.
Local retailers will be forced to raise prices due to higher prime costs forced up by taxes which in turn will reduce domestic demand for Indian jewelry goods.

Dasha Platonova, Editor in Chief of the Asian Bureau, Rough&Polished