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

G & J Exporters hit by RBI Directive

15 may 2012

Already affected by the rising value of the rupee and slow demand from key markets like US and Europe, gem and jewellery exporters were further hit by the RBI’s directive to convert 50 per cent of foreign currency holdings in all types of Exchange Earner's Foreign Currency (EEFC) accounts in to rupees, Diamond World reported in its Weekly E-Post.
The RBI move is part of its attempt to stabilise the rupee which dipped to a new low of 53.82 against the dollar this week, and will release an estimated $2.5 bn worth of foreign currency into the market.
While the RBI’s objective cannot be faulted, its methodology can be, particularly the lack of a differential approach towards the foreign currency balances held by different sectors.
Clearly industries dealing in commodities, like gems and jewellery, have different needs from sectors like IT that earn dollars through selling services overseas. Unlike the latter, the former need foreign currency to import fresh raw materials on a regular basis. This is all the more marked for g & j, since virtually all the raw materials are purchased overseas, and value addition is based on the skills of the people involved in the trade.
The exact modalities of ensuring payment flexibility for such sectors can be worked out, but a starting point could be the FIEO proposal, where the limit for sectors like gems and jewellery could be higher than the general limit, say 75 per cent as against 50 per cent for others.