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

Indian Government raises gold’s import tariff value

18 march 2014

The Government of India has hiked the import tariff value on gold to $445 per 10 grams from $433 per 10 gram earlier. In the case of Silver however, the import tariff value – the base price at which customs duty is determined to prevent under-invoicing – has been reduced to $694 per kg from $699 per kg earlier.
A notification in this regard has been issued by the Central Board of Excise and Customs (CBEC). Incidentally, the tariff value is revised on a fortnightly basis after analyzing the global price trend.
For India, gold is the second largest import item after petroleum. And to address the high current account deficit (CAD), the Indian government had taken several measures in the recent past, to curb gold imports. The measures like raising the import duty to 10% on gold; and also making it mandatory for traders to export 20% of the imported gold created a supply crunch in the domestic market. Due to these restrictions, the total gold imports is expected to be not more than 550 tonnes this financial year, from 845 tonnes in the last fiscal.
Recently, the commerce ministry has asked the finance ministry to relax curbs on gold imports.

Aruna Gaitonde, Rough&Polished correspondent in India