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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
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
India
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
GJF
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
Belgium
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
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