Solitaire International - December 2017

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The recent alterations in the direct and indirect tax structures in the four major midstream centres – Belgium, Israel, Dubai and India – may have a long-term impact on the diamond sector and could change the direction of the flow of goods in the pipeline, believes industry expert Pranay Narvekar. He notes that while the industry is resilient and will adapt to these modifications, businesses will have to study the cost equation. For Narvekar’s in-depth analysis, turn to the Cover Story.

The GJEPC successfully held the first edition of the India Diamond Week (IDW) in Mumbai, which hosted over 110 buyers from 11 countries including USA, Turkey, China, Russia/CIS, Lebanon, Saudi Arabia, South Africa and South Korea. The outcome of the three-day event was deemed positive for the 48
Indian participants, many of whom reported having concluded successful deals.

Sanjay Kothari, vice-chairman, KGK Group, speaks to Solitaire in an e-mail interview about their recently opened state-of-the-art diamond-cutting factory in Vladivostok, Russia, which is expected to reach a sales target of $70 million by the end of 2017. He also shares his views on the challenges of retaining and training the workforce in an efficient and effective manner.

Dev Shetty, head of the newly established colour gemstone mining company, Fura Gems, tells Solitaire about the recent acquisition of the famous Coscuez emerald mine in Colombia, and the investment plans for modernising the existing mining facilities which could boost production nearly threefold.