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India Arch
India Tax Changes: One Win, One Defeat for Jewelers
The Indian government reversed a decision to broaden theapplication of a jewelry tax but is standing by a new stringency requiring morecustomers to present identity cards in shops.Tax collected at source, a 1-percent levy paid by customers,will only apply to jewelry purchases of $7,422...
Financial-Legal May 25, 2016 Rapaport News
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Blue Nile Terminates South Dakota Business Over Tax Law
Blue Nile has stopped shipping to South Dakota in response to an“unconstitutional” new state law that requires online retailers to collectsales tax. “South Dakota’s law is a direct contradiction to federal law,” a Blue Nile spokesperson said in a statement...
Financial-Legal May 05, 2016 Rapaport News
India Arch
Indian Jewelers’ Strike Ends Ahead of Gold-Buying Festival
A strike by Indian jewelers to protest a tax has been calledoff permanently, according to the All India Gems & Jewellery TradeFederation (GJF). At least 90 percent of jewelers from around the country returnedto work April 13, but...
Financial-Legal Apr 17, 2016 Rapaport News
India Arch
Indian Jewelers Take Two-Week Pause from Strike
Indian jewelers suspended their strike against a 1-percent taxto eke out a two-week period in which they can open for business ahead of an upcomingfestival and amid signs the government won’t budge on the new excise...
Financial-Legal Apr 13, 2016 Rapaport News
Indian Jewelers Set Up National Panel to Lobby Scrapping of Excise Levy
More than 20 jewelry representatives from major industryassociations in India have formed an action group to put pressure on thegovernment to abolish a new excise duty that has had trade members strikingfor the past six weeks.The All...
Financial-Legal Apr 11, 2016 Rapaport News
China Scene
China Hikes Taxes on 'Suitcase' Jewelry Imports
Chinese authorities have moved to crack down on a "gray" market in luxury imports by raising taxes on jewelry and watches.The government increasedtariffs on watches ordered from abroad to 60 percent from 30 percent and onjewelry to 15 percent from 10 percent effective...
Financial-Legal Apr 10, 2016 Rapaport News
Indian Jewelers’ Strike ‘Will Continue Until Excise Duty Scrapped’
Swathes of Indian jewelers are still on strike over a new1-percent excise duty, it has emerged, as industry bodies continue to protestthe tax.Some 300,000 shopkeepersacross India, as well as their staff, have downed tools as part of the action,which is approaching...
Financial-Legal Mar 28, 2016 Rapaport News
India Arch
Details Emerge of Deal That Ended Indian Jewelers’ Strike
The Indian governmenthas pledged no arrests or prosecutions will be made in relation to a new tax onthe jewelry industry and central excise officers will not visit jewelers untila new committee publishes its opinion on the matter.Detailshave...
Financial-Legal Mar 22, 2016 Rapaport News
India Arch
India Strike Costing Jewelers $150M per Day
A jewelers’ strike in India protesting anew 1-percent excise tax is causing industry members to lose $150 million perday, Bloomberg reported March 9, citing the All India Gems & JewelleryTrade Federation.The industrial action, which hasentered...
Financial-Legal Mar 09, 2016 Rapaport News
Indian Jewelers Strike over New 1% Excise Duty
Jewelry shops in India threatened to down shutters forthree days starting March 2 to protest Prime Minister Narendra Modi’s plans toimpose a 1-percent excise duty, Bloomberg reported, citing the All India Gems& Jewellery Trade Federation...
Financial-Legal Mar 02, 2016 Rapaport News
Indian Trade Group Seeking Tax Uniformity Urges Flat Jewelry Levy
The AllIndia Gems and Jewellery Trade Federation (GJF) called for a flat tax acrossthe country to ensure uniformity across the industry, The Economic Times reported lastweek.“We willbe happy if the government announces the...
Financial-Legal Nov 09, 2015 Rapaport News
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Zimbabwe’s Miners Face Higher Taxes to Fund State-Owned Mineral Exploration
Zimbabwe’sminers will be on the hook to pay a higher rate of tax to finance mineral explorationin the country following the setting up of state exploration company, accordingto a fin24 report.“We want to transformthe MMCZ [Minerals Marketing Corporation of Zimbabwe] into...
Mining Nov 02, 2015 Rapaport News
Bharat Diamond Bourse
Rough Diamond Display at Bharat Bourse Not Taxable
Income from rough diamonds displayed in Bharat Diamond Bourse’s (BDB) Special Economic Zone (SEZ) from April 1, 2015 will not be taxable under the Income Tax Act, 1961, India’s Finance ministry has announced.The...
Manufacturing Oct 19, 2015 Rapaport News
Omega Whistleblower Appeals Plea Deal in Antwerp
In the wake of the record $2.7 billion (EUR 2.28 billion) case that involved, mainly, Omega Diamonds for allegedly importing diamonds from the Democratic Republic of the Congo and Angola between 2003 and...
Financial-Legal Jan 07, 2015 Marc Goldstein
kimberley process
Meeus Addresses PAC's Allegations Against Dubai
Press Release: Peter Meeus, the chairman of the board of the Dubai Diamond Exchange (DDE), issued the following transcript in response to the Partnership Africa Canada (PAC) address at the Kimberley Process (KP) intercessional meeting...
Rough Markets Jun 10, 2014 Peter Meeus
kimberley process
Report Places Omega Diamond Settlement Into Question
A new report has cast the Omega Diamonds settlement in an uncertain light, although the case had ostensibly concluded with the company agreeing to pay a settlement of $218.7 million (EUR 160 million) for unpaid taxes...
Financial-Legal Jan 13, 2014 Marc Goldstein
Computer Laptop E-Commerce ecommerce e commerce cr
J.R. Dunn Invests to Growth Online, Chides Marketplace Fairness Act
Press Release: J.R. Dunn Jewelers recently unveiled its new mobile enhanced website. The organization took a leap of faith in the hopes that the taxation of online sales will continue to be delayed. To take advantage of the...
Marketing Oct 30, 2013 J.R. Dunn
DGSE Celebrates Elimination of Texas' Precious Metals Tax
DGSE Companies Inc. applauded the passage of a Texas state bill (HB 78) that was signed into law by the governor, Rick Perry, eliminating the sales tax levied on purchases of gold, silver and platinum...
Financial-Legal Oct 14, 2013 Jeff Miller
Jewelry Store Window
India Raises Gold Jewelry Import Tax to 15%
India increased an import tax on gold jewelry to 15 percent from 10 percent in an effort to further reduce gold imports and in turn lower the country's current account deficit. In August, India raised the import tax on bullion to 10 percent...
Financial-Legal Sep 18, 2013 Jeff Miller
tiffany small
Tiffany & Co. to Expand Lexington Manufacturing
Kentucky's Governor, Steve Beshear, announced that Tiffany & Co. is expanding its manufacturing operations in Lexington, creating 75 new, full-time jobs and investing $2 million in the state's economy. The expansion comes less than two...
Manufacturing Apr 26, 2013 Jeff Miller
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