GJ Town India

IDE & DMCC inks strategic accord!   In the wake of the agreement to normalize relations between Israel and the United Arab Emirates, the Israel and Dubai diamond exchanges have signed a strategic agreement of collaboration to promote cooperation and dialogue between the two bourses. The signing ceremony took place this morning in a video conference between the two bourses.   As part of the agreement, the Israel Diamond Exchange (IDE) will open a representative office in Dubai and the Dubai Multi Commodities Centre (DMCC) will open an office in Ramat Gan with the purpose of promoting trade between the two countries and assisting with business requirements.   According to the agreement the two parties will share experience and knowledge, will work together to promote bilateral trading opportunities and will collaborate on exhibitions, visits and conferences to intensify ties. They will also promote collaboration between IDE members and the DMCC and DMCC members an...

  Yoram Dvash, Acting President of the World Federation of Diamond Bourses (WFDB) and President of the Israel Diamond Exchange, praised the governments of Israel and the United Arab Emirates for the historic agreement that was announced to normalize relations between the two important countries in the Middle East. Dvash said that he congratulates all of the parties involved in bringing about this important strategic agreement - Prime Minister Netanyahu, Crown Prince Mohammed bin Zayed and the President of the United States Donald Trump.    “The UAE is an important member of the global diamond industry and Dubai is one of the world’s largest diamond capitals. I have had the privilege of visiting Dubai for WFDB meetings and of hosting the Chairman of the Dubai Diamond Exchange Ahmed Bin Sulayem in Israel.    This agreement will open up a huge horizon for economic cooperation between the two countries. It is an important message of peace for the citizens of...

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...

CIBJO Gemmological Commission Special Report surveys Gem labs about synthetic and treated diamond reports With fewer than four weeks to go to the opening of the 2018 CIBJO Congress in Bogotá, Colombia, on October 15, 2018, the sixth of the CIBJO commissions' Special Reports has been released. Prepared by the CIBJO Gemmological Commission, headed by Hanco Zwaan, it reveals the results of a survey of 23 gemmological laboratories from around the world, about whether and how they report on synthetic and treated diamonds. "The survey provided a clear picture of the similarities and differences on the reports issued by the various laboratories, and perhaps also suggested the requirements and preferences of different markets around the globe," wrote Mr. Zwaan. "Overall the nomenclature used by laboratories is clear about the nature of the stones described, but there are inconsistencies with regard to the precise terms used, and whether or not grading of ...

Alrosa, the world's largest diamond mining company, has sold special size rough diamonds (over 10.8 carats) at the auction in Vladivostok. In total, the company sold 108 gem-quality lots with total weight of 2,003 carats. Overall revenue from sales amounted to $12.6 million. 76 companies from Russia, mainland China, Hong Kong, the US, Israel, Belgium, India and UAE took part in the auction. “The Far East is still of strategic interest for us in terms of expanding cooperation with China, and we traditionally invite companies from this country to participate in our auctions. The auctions in Vladivostok are particularly successful this year. We sold more than 100 diamonds of excellent quality at the latest auction, and got a good premium to the starting price. We plan to hold the next auction in Vladivostok in late October - early November,” Evgeny Agureev, the Member of the Executive committee, Director of the United Selling Organization of Alrosa, commented on the res...

Petra Diamonds Limited announces its preliminary results (unaudited) for the year ended 30 June 2018. According to the result report, Revenue remained up by 25% to US$495.3 million over the FY 2017 of US$394.8 million. Profit from mining activities gone up by 33% to US$205.1 million over the previous FY 2017 of US$153.9 million. Previously Petra had reported Koffiefontein impairment charge of US$66 million. Total loss on discontinued operations relating to KEM JV shoot up to US$104.3 million against US$52.0 million impairment passed in H1 FY 2018, further impairments of US$40.7 million in H2 FY 2018, and a trading loss of US$11.6 million for the Year. Net loss after tax of US$203.1 million over the FY 2017 net profit after tax: US$20.7 million, including KEM JV. Adjusted operating cashflow13 up 7% to US$157.0 million against FY 2017: US$147.0 million, despite the negative impact of the blocked Williamson parcel and overdue VAT receivables in Tanzania. Net debt reduced to U...

Services Agreement for Mining and Marketing Tango Mining Limited announces that it has signed a Services Agreement for Mining and Marketing of Diamonds with Cooperativa Mineira Do Moquita, SCRL on a 147 square kilometer portion of a concession located 50 km north of Lucapa within the Lauchimo River basin, Province of Lunda Norte, Republic of Angola. Tango is responsible for capital expenditures associated with alluvial diamond mine design and equipment acquisition as well as enhancing production. As remuneration, Tango will receive 60% of the proceeds from the sale of produced diamonds. The Moquita Property, is located approximately 50 km downstream from the high diamond value Camútuè kimberlites. These, and possibly other kimberlites, have fed extensive downstream alluvial diamond deposits along ancient, north trending river systems including the Lauchimo River, which flows south to north across the Property. Such alluvial diamond deposits have been exploited by arti...

Hundreds of Visitors Already  Registered for BDW from October 8-10 Bharat Diamond Bourse providing Flight tickets for selected buyers The Bharat Diamond Bourse (BDB) in Mumbai says more than 300 visitors from India and overseas has already registered for the second edition of the Bharat Diamond Week at the bourse, to take place from October 8-10. Hundreds more buyers are expected to register in the countdown to the expanded polished diamond fair. The inaugural show, held from April 23-25, was attended by more than 1,000 visitors from India and across the world who did business with 100 Indian exhibitors of polished goods. In addition, the BDB is providing flight tickets to selected buyers to create more sales opportunities for the 100 Indian polished diamonds companies who will be exhibiting at the show. The buyers who have been selected are from Turkey, Thailand and India. The bourse will also be providing 150 rooms for international buyers at a hotel close...

Allows even greater volumes of jewellery to be screened simultaneously The International Institute of Diamond Grading & Research (IIDGR), a member of De Beers Group, announced the introduction of SYNTHdetect XL, an advanced version of the highly successful SYNTHdetect synthetic screening device launched last year. Unveiled at the Hong Kong Jewellery & Gem Fair, SYNTHdetect XL has a larger base unit that allows multiple volumes of jewellery to be screened simultaneously, providing even greater efficiencies for users. It also provides the opportunity to now scan larger necklaces, multiple solitaire rings and multiple bracelets, while retaining the ease of use of the original device. Jonathan Kendall, President, IIDGR, said: “We’re delighted to be introducing the next innovation in IIDGR’s range of industry-leading synthetic screening devices, SYNTHdetect XL. Using the same revolutionary technology as the original SYNTHdetect, this new device allows more pieces...

Diamond Jewelry Sales record $82 billion in 2017 The World Federation of Diamond Bourses (WFDB) has welcomed the De Beers Group's Diamond Insight Report which shows diamond jewelry sales in 2017 at a record $82 billion. In addition, the report finds that the Millennial and Gen Z generations combined accounted for two-thirds of global diamond jewelry sales last year. "There is no doubt that this is a very positive and upbeat report," said WFDB President Ernie Blom. "The diamond industry can take great heart from this report which I would highly recommend that people take the time to read. We can all learn a great deal about how to approach and market to the younger generations because the report contains very detailed information about the buying patterns of the 21 to 39 Millennials age group, and Gen Z of those currently 18-20-years-old. "They are incredibly important demographics with huge spending power, but they want to buy on their terms....

India Russia, immense growth potential in the business Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, recently visited the Eastern Economic Forum (EEF) in Vladivostok in Russia. The visit began with a tour of the diamond cutting and polishing factory set up by the KGK Group of India in Vladivostok. It has a manufacturing capacity of 150,000 carats of diamond per year and employees 400 people. The facility was inaugurated by Russian President, Vladimir Putin, last year. The Commerce Minister had discussions with KGK Group, MD, Vithal Ramani, to explore the potential and sourcing and value addition opportunities in the diamond trade for India. The Minister also held bilateral meeting with Yury Trutnev, Deputy Prime Minister of Russia. Discussions took place on areas of cooperation between India and Russia to strengthen bilateral ties for economic growth. The Minister also interacted with the Governors, Vice-Governors’ and Representativ...

The Diamond Producers Association (DPA) has announced that RZ Murowa Holdings Ltd, majority owner and operator of Murowa Diamonds Private Ltd (Murowa Diamonds), has joined the DPA, effective 1 July.  Murowa Diamonds operates the Murowa mine in Zimbabwe, which was purchased from Rio Tinto in 2015 and expanded significantly under its new leadership. Manit M. Shah, Chief Operating Officer of Murowa Diamonds, will join the Board of Directors of the DPA in September 2018. Mr. Shah has considerable experience driving business performance and managing international operations. Jean-Marc Lieberherr, CEO of the DPA, said “We are delighted to welcome RZ Murowa to the DPA and Manit to our Board of Directors.  The DPA will continue to play a vitally important role in the future of the diamond industry and broadening our representation and geographic reach will help ensure we maximise the positive impact we can have for the sector as a whole. We look forward to working closel...