Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

Yesterday

GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

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

Figuring out the duty hike

24 april 2012

The Indian government has reported a record trade deficit of $ 184.9 billion for FY 2011-12, with the gem and jewellery sector being the second highest contributor, only behind oil imports, Diamond World reported in its Weekly E-Post. There was actually a 10% fall in diamond imports to $ 31 bn, or else the deficit would have been bigger. Later the GJEPC released its annual figures which indicate that while rough imports over the year increased by 26%, polished imports declined by a whopping 30.9%.
This decline came after the imposition a 2% duty on polished imports to curb the practice of round tripping being indulged in by a handful of elements in the industry.
The short term success of this move should not, however, hide its long term implications. An import duty is an obstacle to the industry’s aim of emerging as a trading centre, as well as a reversal of the zero import duty regime introduced in 2003, which was in line with universally accepted principles of free globalised trade.
Could there have been an alternative to the duty? If so, what shape could it have taken? There are no easy answers! But, with its short term goal achieved, the trade must now put its heads together and evolve a working solution. One that will encourage genuine trading activity while also curbing any misuse of policy measures by elements who are interested only in making profits that are morally indefensible, even if technically within the law.