GJ Town India

Revised System of Warranties!   “We are reaching out to inform you about the Revised System of Warranties (SoW), which will require you to change the warranty declaration that all members of the trade add to invoices and memo documents” said the World Diamond Council (WDC).  The SoW was developed by the WDC in 2002 as an industry self-regulation system that would indicate that diamonds being sold comply with the requirements of the KPCS. The Revised SoW was launched in September of 2021 to meet consumer demand for enhanced supply chain integrity.  It is designed to help meet those expectations.    In view of this fact, the current warranty statements on your invoices and memo statements are soon to be outdated and are to be replaced with the broader statement that is in accordance with today's market demands. Therefore it is imperative that you update them as soon as possible.    Register on the SoW website and provide the required information. Upon...

AWDC & ADPA joins for a series of webinars!   The Antwerp World Diamond Centre (AWDC) partnered with Belgium’s Federal Public Service Foreign Affairs and the African Diamond Producers Association (ADPA) organized a series of webinars on October 14, 21 and 28.  The 2nd African Diamond Conference was scheduled to open in May 2020 at Durban, South Africa. Given the global situation of restrictions due to the COVID-19 pandemic, the conference took place via the virtual platform.   The webinars aimed to connect the industry members to share information on the opportunities and challenges of diamond producing countries in Africa as well as the overall situation of the diamond industry.    “Earlier this year, we had to make the difficult decision to postpone the second edition of the African Diamond Conference. However, even though we can’t meet each other in person, it's important to stay connected and exchange knowledge, through our African Diamond Conference:...

  Report by ICA Ambassador to Belgium   According to the ICA report by Maxim Van Oppens, ‘After gradually easing out of lockdown we, like all countries, are experiencing a rise in Covid-19 cases. Currently Antwerp has the status of a high-risk area.’  As the gemstone and diamond trade primarily takes place there, the entire sector is heavily affected. Key differences in the trade in comparison to our last update derived. Mouth masks are recommended everywhere in Belgium and mandatory in Antwerp not only on public transport or inside buildings but whenever one steps outside. Shops are open, but only groups of maximum two persons may enter. Shoppers, who break that rule, get fined. Client visits in neighbouring countries is possible with a negative Covid-19 test. Clients prefer remote ways of purchasing their stones not only for commercial but for fine quality stones as well.  The decrease in spontaneous purchases is in not a small part compensated by rising average ...

FPS visits any time in June: be prepared! The Economic Inspectorate of the FPS Economy is conducting inspections at randomly selected registered diamond companies to assess their compliance with the obligations under the anti-money laundering legislation. These inspections can take place in the coming weeks at the registered office of your company, with or without prior notice. The AWDC has drafted a checklist on how to prepare for the visits, which is available via this link under the question: "Are controls performed on compliance with the AML legislation in the diamond sector?” There you will find the full list of the documents you should have at the ready. If you have any further questions, feel free to get in touch with our AML & Compliance Helpdesk. If it appears that the company is not actually located at the registered address, you run the risk that the company will be deleted. It is advised to keep your bookkeeping and client identification files up...

Mine to Finger, the academic program! Following the success of previous years, this summer the Antwerp World Diamond Centre, together with the University of Antwerp (UA) will organize the third Antwerp Summer University (ASU), From Mine to Finger. The academic program, spanning two weeks at the end of August-early September, is intended for an international group of masters and PhD students, graduates, researchers and (young) professionals from inside and outside the diamond industry. From Mine to Finger. A deep dive into the world of Diamonds is an intensive two-week programme, hosted by the University of Antwerp (UAntwerp) and the Antwerp World Diamond Center (AWDC). Throughout the programme, students will discover the world of diamonds in every aspect. Topics include the historical, geological, technical, economical, commercial and ethical perspectives of the global diamond trade. On top of this comprehensive academic overview, a series of diamond talks by indus...

AWDC launches Sustainability report! The diamond trade is a highly international industry. Across its global value chain, more than 10 million people earn their livelihoods through this fascinating industry. As the most important diamond trade center globally, we are required to pay attention to the environment and the human beings who live in it. Recently AWDC launched its second sustainability report, in the presence of aldermen Van Campenhout and Meeuws. The most important themes in the report are ‘Integrity in the diamond value chain’, ‘compliance in the diamond industry’, ‘innovation and the future of Antwerp’ and ‘the economic impact in diamond-producing countries’. The AWDC opted to deliver an integrated report in which the challenges facing the industry are linked to our annual figures and financial information. In this way, the AWDC’s sustainability agenda can be more firmly anchored in our everyday operations. The UN Sustainable Development Goals (SDGs)...

In a short run diamond industry to affect by 3 trends! The Global Diamond Industry 2018, A resilient industry shines through, report said about Diamond jewelry retail, Key industry trends. Three trends have the highest potential to affect the diamond industry in the near term, 1: advancements in digital technologies, 2: the development of lab-grown diamonds and 3: generational shifts in consumer preferences.   Among other benefits, digital technologies are aiding transparency and efficiency efforts across all segments of the value chain. For example, in 2017 and early 2018, blockchain projects were launched to help consumers confidently identify the origin of their diamonds. Mining companies are using predictive maintenance, real-time controls and artificial intelligence to mitigate rising operating costs.   Cutting and polishing players are pursuing advanced solutions in digital mapping, modeling and manufacturing to shorten production cycles and ultimately ...

Laurelton Diamonds Tender From January 7 & up to 17 Laurelton Diamonds Belgium BVBA will be holding the viewings of its next Tender of Rough and Sawn at the Antwerp Diamond Tender Facility (ATF), Belgium. The Tender will include a selection of White and Cape Rough parcels in sizes from +5cts to -7 in regular and high quality assortments in Cts and Grs.   There will also be a range of White Sawn Kaps offered in sized parcels from +3gr to -5 in mixed qualities. The tender is scheduled from Tuesday 7th January to Thursday & up to 17th January 2019 and viewing appointments can be booked. The tender will be held in the Antwerp Diamond Tender Facility (ATF), AWDC Building. Laurelton Diamonds Belgium BVBA, a subsidiary of Tiffany & Co, is a rough diamond manufacturing and trading company with operations across the globe. The company procures rough diamonds and manages the worldwide supply chain that cuts, polishes and supplies finished diamonds to Ti...

LGD market could grow between 10 to 17 mn cts by 2030 Lab-grown diamonds (LGD) have existed for more than 60 years, with limited effect on the natural gem-quality market. But advancements in technology have pushed the lab-grown market into a more competitive position. Most notably, new chemical vapor deposition (CVD) technology deeply cut the cost to produce larger, higher-quality diamonds. Today, it costs $300 to $500 per carat to produce a CVD lab-grown diamond, compared with $4,000 per carat in 2008.   As production costs have dropped, retail prices have followed. The retail price of gem-quality lab-grown diamonds have nearly halved in the past two years, while wholesale prices dropped threefold. Prices are expected to decrease even further as production efficiencies increase, new competitors enter the market and the segment commoditizes. Lab-grown diamond producers have two options:1: to pursue gem-quality production for retail jewelry sales or to produce diam...

Traditionally strong in large stone manufacturing, relinquishing positions to India Four strategies to sustain in Cutting and Polishing! Healthy growth in the diamond jewelry retail market supported a 2% increase in cutting and polishing revenue, putting the segment on positive ground in 2017. While the cutting and polishing segment grew overall, profit gains in 2017 were mostly limited to producers of small stones. Companies that specialize in large, high-quality stones experienced pressure from retailers in 2017.   That trend reversed in the first part of 2018. To sustain profitability, cutting and polishing companies are focusing on four strategies: managing inventory levels, shortening production cycles, optimizing yields and expanding operations.  Technology is leading improvements in the cutting and polishing segment, from digitally mapping and modeling stones to automating cutting processes.  Because of its low labor costs, favorable regu...

IDMA feedback to the eighth annual report on the global diamond industry “If we are to preview our industry's future, based on the eighth annual report on the global diamond industry – see the first item below - that was prepared and published by the Antwerp World Diamond Centre (AWDC) and Bain & Company, we can be reasonably optimistic” says IDMA.   IDMA derives the related fewer takeaways from this report says, in 2018, the market continued to be volatile and the year's success will be determined by the industry's sales performance during this holiday season; 1: The supply of rough diamonds will remain rather stable in the coming decade but will be chiefly affected by the industry's financial challenges, the total make-up of the global rough production and the continuing uncertainty over the market off take of diamonds i.e. consumer interest in natural diamonds.   2: In our own midstream segment, the diversification of financing sources and the rea...

Supports MyKYCBank & announces New MyKYCBank info sessions Due to the great interest in MyKYCBank, new info sessions about this have been planned for January 2019, said AWDC. MyKYCBank allows diamond traders to register on the platform, where they are to fill in all their KYC information and upload the supporting documents. As such, all KYC documents, from proof of company registration to passport copies of directors, are saved in the system. By making connections with other companies on the platform, this information can be shared between members of the platform. This way, you no longer need to ask all KYC documents from your client, but you can download them from the platform and keep them for your administration. This initiative was set up by GJKIC, a non-profit daughter company of GJEPC, the Indian equivalent of AWDC. AWDC is the first diamond trade center which started its cooperation with GJEPC and so now also Belgian diamond traders can register for this...

Recent Import Duty Hike to Strengthen Jewellery Manufacturing in India A step towards establishing Brand India jewellery! The government recently increased the customs duty on categories of diamond such as semi-processed, half cut or broken, and cut and polished coloured gemstone to 7.5 per cent, from 5 per cent earlier, and increase in import of jewellery articles from 15% to 20% in a move to narrow the current account deficit (CAD). Mr Pramod Kumar Agrawal, Chairman, The Gem & Jewellery Export Promotion Council (GJEPC) said, “GJEPC welcomes the step undertaken by the government to narrow the current account deficit. Welcoming the Increase in import duty on jewellery from 15% to 20% by Chairman GJEPC said “this move would not only help the sector strengthen jewellery manufacturing in India but also give a boost to Jewellery exports from India, a step towards establishing Brand India jewellery”. Mr. Agrawal said, “The import duty increase in cut and...

Overall increases 2.5 to 5% duty on GJ items! Tariff measures taken to curb The imports of non-essential items In an endeavor  to strengthen Indian Rupee & to halt a growing CAD issue, the Union Government has taken a decision to hike up the Import duty on choicest 19 items. Out of these 19 items about six items are related to GJ (Gem-n-Jewellery) Industry & trade. The Central Government has taken tariff measures, by way of increase in the basic customs duty, to curb import of certain imported items. These changes aim at narrowing the current account deficit (CAD). In all the customs duty has been increased on 19 items, here are six which is related to GJ Industry & Trade: S. No. Item Tariff code (HSN) Basic customs duty From To 1 Non industrial diamond (other than rough diamonds), i.e., cut and polished diamond 71 5 7.5 2 Dia...