Solitaire International - August 2019
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August 2019 issue Digital Access. 
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In this issue
The Great Disruption The sudden and unexpected hike of 2.5% in the gold import duty to 12.5% has caught the industry by surprise. Following the announcement, a wave of disappointment swept through an already beleaguered industry, which is beset with challenges. Gold analyst Sanjiv Arole pens this month’s Cover Story which examines the repercussions of the hike in depth. He notes that the high incidence of import duty as well as GST renders the domestic market uncompetitive to boost exports or even be innovative in its products. The industry had some reason to cheer as the Finance Ministry declared that the Integrated Goods and Services Tax (IGST) will not be levied on gems and jewellery taken out of India for exhibition purposes or on consignment basis. This was the result of several representations made by the GJEPC in this regard to the Finance Ministry, Department of Revenue, and the Central Board of Indirect Taxes & Customs. Moreover, India became one of the first countries to adopt distinct HS Codes for rough and polished lab-grown diamonds, which will undoubtedly strengthen the Council’s efforts to maintain the integrity of the natural diamond pipeline, while enhancing transparency and disclosure throughout the synthetic diamond pipeline. In an exclusive interview, DPA CEO Jean-Marc Lieberherr shares details about the recently published Trucost study, which, for the first time ever, quantifies the diamond industry’s socio-economic benefits at $16 billion. Turn to Global Eye to read more about it.
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VOD Dubai International Jewellery Show: The Middle East's Mega Event
VOD Dubai International Jewellery Show made its successful debut as an industry-wide mega jewellery event in the Middle East. It is a consolidation of the trade-centric Vicenzaoro Dubai and the consumer-oriented Dubai International Jewellery Week. The November event was an all-encompassing experience with networking sessions, knowledge-sharing seminars and fashion shows.
GJEPC Welcomes King Philippe Of Belgium
The Gem & Jewellery Export Promotion Council (GJEPC) and the Antwerp World Diamond Centre (AWDC) hosted His Majesty King Philippe of Belgium at a round-table discussion in Mumbai on November 9th. The talks revolved around the contributions of the diamond industry to social and economic development.
Fura Gems To Focus On Undervalued Mines:Dev Shetty
DEV SHETTY, president and CEO of Fura Gems Inc., an up-and-coming gemstone mining firm that recently acquired the famed Coscuez emerald mine in Colombia, speaks to SOLITAIRE about plans for deploying modern technology to ramp up production. Fura Gems aims to set a new precedent for best practices in the gemstone sector as it goes about acquiring other undervalued assets.
A Tale Of Four Taxes
Industry analyst PRANAY NARVEKAR examines the direct and indirect tax structures in place in the four major midstream centres – Belgium, Israel, Dubai and India.
CIBJO Proposes KP-type Structure For Coloured Gemstones
The Confédération Internationale de la Bijouterie, Joaillerie, Orfèvrerie (World Jewellery Confederation), better known by its French acronym CIBJO, successfully concluded its annual Congress in Bangkok, Thailand. The three-day event, running from November 5th-7th, brought from around the world some 150 official delegates and a total about 300 participants, and covered a wide range of issues on the agenda of the international gemstone and jewellery industry. There was a strong focus on responsible sourcing, Corporate Social Responsibility and sustainability, particularly in the coloured gemstone sector. The event was preceded by the three days of pre-Congress steering committee meetings and the first World Ruby Forum.
De Beers Q3 Rough Output +46% To 9.17m ct
De Beers’ rough diamond production increased by 46% to 9.17 million carats in the third quarter that ended .September 30th 2017.
Dubai Diamond Conference Reflects On Industry's Future
The Dubai Diamond Exchange (DDE), a Dubai Multi Commodities Centre (DMCC) platform, organised the third edition of its biennial Dubai Diamond Conference (DDC) under the theme ‘Shaping the future of an interconnected marketplace’ on October 16th and 17th.
Encouraging Signs Of Demand Uptick At Gold/Italy 2017
The fifth edition of Gold/Italy, a show exclusively dedicated to Made in Italy jewellery, stood out for the high level of Italian manufacturing, the quality of international demand, and its exhibition format.
Saffronart's Jewellery Seminar Off To A Grand Start
Saffronart’s inaugural jewellery conference, The Timeless Legacy of Indian Jewels, that was held on October 6-7, 2017, in Mumbai,received an overwhelming response.
Jaipur Hosts ICA Congress
The International Colored Gemstone Association’s (ICA’s) biennial Congress held its 17th edition in the Pink City, from October 21st to 24th, the second time that India has hosted the ICA event since 2003.
