A Silver Lining
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Saturday,July 27 2019 [ Issue 5 July/ 2019 ]
A Silver Lining
The Indian gems and jewellery industry has been on a roller coaster ride in the past few months. FM Nirmala Sitharaman, in her budget speech announced a hike of 2.5% on gold import duty delivering a major blow to Indian jewelers. Industry big wigs expressed their displeasure at this shocking announcement and a blanket of dark clouds descended on the overall morale of the industry.

  But diamantaires and jewellers can finally breathe a sigh of relief as the government announced a waiver of 3% Integrated Goods and Service Tax (IGST) levied on unsold fine jewellery brought back to India from foreign exhibitions. A circular issued by customs department clarifies that activity of sending or taking the goods out of India for exhibition or on consignment basis for export promotion does not constitute supply within the scope of section 7 of CGST Act.% % The announcement was enthusiastically welcomed by the gems and jewellery industry and has infused a new surge of hope within them. Let’s hope for more such good news in the future!

 
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Highlights
Anglo American’s diamond subsidiary De Beers is scaling back production after trade tensions between the United States and China contributed to a 27% first-half fall in diamond earnings, its CEO said. De Beers CEO Bruce
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Since 2006, ALROSA have been annually financing the land reclamation and the recovery of the habitat that was typical of the area before the start of diamond mining. Thus, over the past 13 years the company has allocated more
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Following the Ministry of Finance’s announcement that no IGST will be levied on gem and jewellery carried outside of the country for exhibition purposes, Director (Customs) vide Circular No. 21/2019 - Customs has clarif
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De Beers Group’s carbon-capture research at the Gahcho Kué mine in Canada has received a funding boost following the award of a C$675,000 grant from Natural Resources Canada’s Clean Growth Program towards p
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TheGIA Diamond Origin Report confirms the country of origin of a polished diamond and includes a full assessment of the diamond’s 4Cs along with a plotted diagram of its clarity characteristics, and a report number lase
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IGI conducted a Retail Sales Program for the sales team of Modern Jewellery in Bareilly. The program was designed by experts from IGI to emphasize on the importance of having the requisite product knowledge and unparalleled,
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The Association Française de Gemmologie (the French Association of Gemmology) has announced the line-up of speakers for the 18th Paris Gemmological Rendez Vous, its prestigious annual gems symposium, which will take pl
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To help retail sales staff communicate effectively, GIA Dubai recently organised retail sales associate training programmes for Malabar Gold & Diamonds at their stores in Dubai, UAE. Since 2018, GIA Dubai has trained more
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The announcement was made during a gala event hosted by Lucara Botswana in the presence of His Excellency Dr. Mokgweetsi Eric Keabetswe Masisi, President of the Republic of Botswana. The unbroken 1,758 carat stone was mined f
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