Polished – wholesale and manufacturing
The Dubai Diamond Exchange (DDE), a DMCC (Dubai Multi Commodities Centre) platform, is all set to tackle the debate on ‘How diamonds fit in the new era of millennials’ with moderators Dr T.B. (Mac) McClelland Jr., President & CEO - Middle East, The Luxury Marketing Council; and Tim Dabson, Former De Beers Executive at the helm.
An an in-depth discussion on “The introduction of Goods and Services Tax (GST) on wholesale diamond trading” will be held at the Dubai Diamond Exchange (DDE) on October 17 as part of Day 2 of the Dubai Diamond Conference.
The moderators will be DDE Chairman Peter Meeus and former De Beers executive Tim Dabson. The subject has caused widespread industry debate in India and the UAE.
Andrey Zharkov, the Alrosa President, will be a guest of honor of the International Diamond Week in Israel (IDWI) being held February 13-16, 2017, at the Israel Diamond Exchange (IDE.)
The visit is also timed to coincide with the opening of the IDE International Tender Center, which will house tenders of rough and polished diamonds by major rough producers and diamond traders, the IDE said.
The London Diamond Bourse (LDB) together with a U.K. government agency called the Insolvency Service, aims to deal with the issue of companies claiming to offer diamonds as an investment which then turn out to be worth far less than originally suggested.
Melvin Moss, President of Regal Imports, says there is no justification for the rough supply to the market in the first quarter of 2016 of around $3 billion as there is no huge demand at the retail level for polished goods as seen by the "lackluster diamond sales in Hong Kong and the disappointing results at the BaselWorld Fair".
The Reserve Bank of India (RBI) has agreed that banks in the authorized dealer categories can extend their credit periods beyond 180 days with immediate effect, according to a report on the Gem and Jewelry Promotion Export Council (GJEPC) web site.
"The decision has been taken in consultation with the government of India 'to ease the operational difficulties faced by the importers'."
Israel reported a strong decline in polished diamond exports for the first half of 2016 - dropping 14 percent on the year to $2.61 billion - according to official figures.
Russia's ALROSA has suggested steps to aid the country's diamond-cutting and polishing sector via cost-cutting and other means, according to company vice-president Rinat Gizatulin in comments to Interfax.
The Diamond Producers Association (DPA) has announced the appointments of Jean-Marc Lieberherr as Chairman and Stephen Lussier as Vice-chair, both with immediate effect.
The DPA has also announced the appointment of Sally Morrison as Managing Director of Marketing, with effect from 19 October 2015.
Sarine Technologies Ltd, a worldwide leader in the development, manufacture and sale of precision technology products for the evaluation, planning, processing, finishing, grading and trade of diamonds and gemstones, is opening its first Allegro™ service center providing automated gemstone planning and shaping services.