Polished – wholesale and manufacturing

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De Beers' International Institute of Diamond Grading and Research (IIDGR) unit has launched what it says is the industry’s first synthetic screening device for set jewelry, with the SYNTHdetect machine now available for delivery.

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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.

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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.

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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.

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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".

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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'."

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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.

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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.

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The Israeli diamond industry will again be out in force at the Hong Kong International Jewelry Manufacturers’ Show, to be held November 26 - 29 at the Hong Kong Convention & Exhibition Centre.

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New York's Diamond Dealers Club (DDC) has launched a new initiative to widen its arbitration program in a bid to increase the security of diamond and jewelry deals.

For the first time, by putting an acceptable arbitration clause into their memos, invoices, or on their letterhead, DDC members will be able to use DDC arbitration to resolve disputes about transactions with non-members.

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