Government

KP Plenary Reaches Historic Agreement on Permenent Secretariat, NGO Fund

KP Chair Ahmed Bin Sulayem brought a close to the KP Plenary that took place in Dubai between November 13 and 17, with key decisions on the KP Chair’s ideas to establish a Permanent Secretariat and to set up a common fund for NGOs.

The event was attended by over 300 delegates from around the world including governments, industry and a group of civil society organizations, the organizers reported.

Economists Want A 'Second Economic Transformation' in Botswana

Two economists have urged Botswana to undergo a second economic transformation. In a report compiled by Econsult Botswana, economists Dr Keith Jefferies and Sethunya Sejoe warned that diamond mining is unlikely to drive economic growth in future, but rather a foundation for current economic activity and income levels.

Indian Jewelers Call Off Strike, Agree on Panel to Look Into Tax Proposal

India's gold and jewelry markets began re-opening on Monday after traders ended an almost three-week strike.

The industrial action caused huge revenue losses for businesses, while the government lost taxes of hundreds of millions of dollars.

The strike aimed to lead the government to repeal a 1% excise duty on gold and diamond jewelry that was proposed in the 2016-17 budget.

Zimbabwe Making Chinese Yuan Legal Currency

Zimbabwe plans to make the Chinese yuan legal tender in the African country in return for Beijing agreeing to cancel $40 million in debts.

Finance Minister Patrick Chinamasa said the decision follows Zimbabwe's move to increase trade with China.

It's not clear yet how the decision will be implemented, although Chinamasa said use of the yuan “will be a function of trade between China and Zimbabwe and acceptability with customers in Zimbabwe."

Strong Results From Argyle Pink Diamonds Tender, Says Rio Tinto

Rio Tinto’s 2015 Pink Diamonds Tender collection of 65 rare pink and red diamonds from its Argyle diamond mine produced excellent results "reflecting global demand and sustained price growth," the firm said.

Achieving the highest average price per carat since the tender began in 1984, the tender continued its double-digit price growth trajectory.

This year's tender featured diamonds weighing a total of 44.14 carats and included four fancy red diamonds.

Turkish Diamond Jewelers, Jewelry Wholesalers And Manufacturers to Visit Antwerp

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The Antwerp World Diamond Center (AWDC), together with HRD Antwerp and the Istanbul Borsa, is to stage a Turkish Visitor Program from May 4 to 7.

During the visit, a delegation of Turkish diamond jewelers, jewelry wholesalers and manufacturers will visit Antwerp.

AWDC said the visit will enable local traders to expand their business contacts with those in Turkey.

Record Figures Confirm Leadership Of Antwerp in Diamond Industry

Over the past twelve months, Antwerp clearly confirmed its leadership role in the global diamond trade and remains the preferred partner for diamond trade worldwide, the Antwerp World Diamond Centre (AWDC) said.

Despite heavy competition from rival diamond hubs, more goods were traded year on year. A total of 227.2 million carats of rough and polished diamonds were traded, with a total value of $58.8 billion, surpassing the 2012 record of $56.5 billion.

India's GJF Makes Pre-Budget Proposals to Boost Jewelry Trade

The All India Gems and Jewellery Trade Federation (GJF) has asked the government to reduce import duty on gold to 2% from its current level of 10% in order to protect the domestic industry and stop smuggling.
 
The proposal has been made in the light of the fall in the prices of oil and gold on international markets and because the current account deficit (CAD) is now under control, said Chairman Haresh Soni, the Gems and Jewellery Export Promotion Council (GJEPC) reported.
 

GJEPC Submits Plans For Expansion of Diamond Sector

India's Gem & Jewellery Export Promotion Council (GJEPC) has submitted proposals to the Ministry of Commerce & Industry with one-year and three-year action plans for the expansion of the gem and jewelry trade.
 
The plans call for a turnover-based taxation system for the Indian diamond sector, carrying out a Special Notified Zone in the Bharat Diamond Bourse in Mumbai under the supervision of the GJEPC to enable the import of rough diamonds on consignment basis by RBI-approved overseas diamond firms.
 

RJC To Hold Training Session On Human Rights

The Responsible Jewellery Council (RJC) is inviting members of the industry to a training session hosted by the RJC Human Rights Exchange on 25 November in London on ‘Executing Human Rights Due Diligence in jewelry business relationships - down and upstream.’
 
The training will be delivered by Sandra Atler, an Accredited RJC Topic Expert with a background in International Human Rights.
 

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