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Indian gold jewelry
India’s Titan Upbeat on Jewelry Sales
Titan Company reported strong jewelry sales in the firstfiscal quarter and said it expects to benefit from India’s new tax system.The jewelry division saw 50% year-on-year growth during theperiod running up to the Akshaya Tritiya...
Retail Jul 05, 2017 Rapaport News
Gold Jewelry Trade - IIJS
India’s New GST: What You Need to Know
India’s much-anticipated goods and services tax (GST)took effect on July 1, drawing both praise and criticism from the diamond andjewelry industry. The tax — which Prime Minister Narendra Modi dubbed the “goodand simple...
Financial-Legal Jul 04, 2017 Joshua Freedman
India cutting
Surat Traders Strike over New Tax
Diamond traders in India observed a one-day shutdown onSaturday in opposition to a new tax on the industry, according to local reports.Several thousands of traders and brokers joined the strikein Surat, a diamond-manufacturing hub in the state of Gujarat, following a callby...
Financial-Legal Jun 18, 2017 Rapaport News
Jewelry Sales India
India Relaxes Tax on Jewelry-Making
India’s government has reduced the tax rate on diamond andjewelry manufacturing to 5% following an earlier announcement that it would chargeindustry members an 18% levy, the Gem & Jewellery Export Promotion Council(GJEPC) said Monday.The tax applies...
Financial-Legal Jun 13, 2017 Rapaport News
India GJEPC Alrosa memorandum
Alrosa, India Agree to Tighten Relationship
Alrosa and India’s Gem & Jewellery Export PromotionCouncil (GJEPC) have inked an agreement to let the Russian miner sell diamondsin India at preferential tax rates.A memorandum of cooperation (MoC) between the two parties,signed in the...
Rough Markets Jun 05, 2017 Rapaport News
Arun Jaitley GST
India Trade Body Attacks Tax on Rough
India’s Gem & Jewellery Export Promotion Council (GJEPC)has criticized the government’s decision to tax rough diamonds, claiming itwill damage the nation’s manufacturing sector.The government will introduce a 0.25% levy on the category aspart...
Retail Jun 04, 2017 Rapaport News
Israel Diamond Exchange
Israel Gives Trade Time to Come Clean
Diamond companies in Israel have been granted another twomonths to voluntarily disclose their assets, inventory and unreported income tothe Tax Authority.Firms have until the end of February to submit the fullreport of disclosures, as long as they...
Financial-Legal Jan 01, 2017 Rapaport News
Israel Diamond Week
Israel Diamond Trade Signs Deal with Tax Authority
Israel’s diamond industry reached an agreement with authorities on a new law that exempts traders from paying taxes if they incur a loss.One of the outcomes under the new regime is that diamond companies will be taxed on profit...
Financial-Legal Dec 19, 2016 Rapaport News
Liqhobong
Firestone Tax Credit Enables Profit
Firestone Diamonds said a $22.6 million tax credit helpedthe company post a profit in fiscal 2016.The company swung to a net income of $13.6 million over the12 months to June 30, resulting from the recognition of tax credits...
Mining Nov 02, 2016 Rapaport News
Antwerp Beurs Voor Diamanthandel
New Law Likely to Triple Belgium Trade's Tax Bill
Belgium’s diamond trade can expect to pay at least three times more tax per year as a new fiscal regime is set to be passed into law by the end of the year.Under the proposed ‘Carat Tax,’ the tax...
Financial-Legal Aug 02, 2016 Rapaport News
India Arch
India Eases Rules on Controversial Excise Tax
The Indiangovernment relaxed rules on a 1-percent excise duty on jewelry that led to asix-week strike earlier this year.Under thenew terms, businesses with revenue of up to $2.2 million (INR 150 million) areexempt from the tax, whereas...
Financial-Legal Jul 28, 2016 Rapaport News
Gold bars
Tanishq Gains in Indian Gold-Buying Season
Titan Company said its Tanishq brand probably increased itsmarket share during a crucial part of the Indian jewelry calendar, as salesgrew while competitors faltered.The Akshaya Tritiya weekend in May, traditionally a strong time forbuying gold,...
Retail Jul 06, 2016 Rapaport News
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
blue nile logo
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
India
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
India
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
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