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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
Zimbabwe Flag
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
GJEPC Budget Meet
GJEPC Seeks Duty Free Import Quota for Polished Diamonds
The Gem & Jewellery Export Promotion Council (GJEPC) has requested the government of India to allow duty free import quotas for cut and polished diamonds to the tune of 15 percent of the previous year’s exports....
Polished Markets Jan 29, 2013 Dilipp S Nag
Gold Bars
Higher Import Duty to Increase Gold Smuggling in India
, The increased gold import duty imposed by India's government may lead to more smuggling activity, but the tax is unlikely to have much of an impact on consumer demand in the world's largest gold market, industry observers said....
Financial-Legal Jan 22, 2013 Dilipp S Nag
Gold Bars
India Raises Gold Import Duty to 6%
India increased the import duty on gold to 6 percent from 4 percent effective immediately to discourage the demand for gold, which is one of the key contributors to the country's large current account deficit. The government also...
Financial-Legal Jan 21, 2013 Dilipp S Nag
Gold Bars
India Hints at Raising Gold Import Duty
India may consider raising the import duty on gold in order to control its ‎widening current account deficit. ‎‎The country’s deficit for the first fiscal half that ended on September 30, 2012 stood at $38.7...
Financial-Legal Jan 03, 2013 Dilipp S Nag
Jewelers of America
Jewelers of America's PAC Completes Annual Visit With Lawmakers
Press Release: The Jewelers of America Political Action Committee (JAPAC) led a delegation of jewelers to Washington, D.C. this past week in order to meet one-on-one with lawmakers. It was the second consecutive year JAPAC held the...
Retail Jun 28, 2012 Jewelers of America
Gold bars
Higher Taxes in India Will Lower Gold Imports
Gold imports for India, the world's largest consumer of yellow metal, are likely to fall significantly in 2012 due to increases in the customs duty. India's Finance Minister, Pranab Mukherjee, this past week proposed to double...
Retail Mar 23, 2012 Dilipp S Nag
SDA Withdraws Thursday's Factory Closure Call
The Surat Diamond Association (SDA) has withdrawn its call to close diamond factories in Surat on Thursday after the Gujarat state government gave its assurance to reassess the professional tax imposed on diamond manufacturers and...
Manufacturing Mar 21, 2012 Dilipp S Nag
India Govt. Dismisses Revoking Jewelry Excise Duty
India's Central Board of Excise and Customs (CBEC) has ruled out rolling back the 1 percent excise duty on jewelry as proposed in the Union Budget for 2012-13. CBEC stated that the effective tax rate...
Retail Mar 20, 2012 Dilipp S Nag
Surat Diamond Association
Surat Diamond Industry to Shut Factories Thursday
Surat diamantaires will shut their factories on Thursday to protest the Surat Municipal Corporation’s (SMC) decision to collect professional tax from diamond manufactures and workers."There is some issue related to professional tax and because of that...
Manufacturing Mar 20, 2012 Dilipp S Nag
GJEPC Recommends Simplified Tax Regime
Press Release: In a highly emotional plea to the government, the Gem & Jewellery Export Promotion Council (GJEPC), sought positive initiatives from the government for simplification of tax regime in the forthcoming budget during a press...
Manufacturing Feb 09, 2012 GJEPC
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