Real GDP growth to fuel US demands!

‘The Global Diamond Industry 2018, A resilient industry shines through’ report focuses on supply and demand model. Bain report says, Based on our analysis, we expect natural rough diamond supply to change at an average annual rate of negative 1% to 1% in volume terms through 2030. We expect demand to grow 0% to 2% in real value terms during the same time frame.

Our current outlook versus the forecast from the previous year incorporates revised macroeconomic forecast, possible demand substitution from lab-grown diamonds, and reflects fundamental supply and demand factors rather than short-term fluctuations. The short-term supply-demand balance depends on the actions of major producers and efficiencies along the diamond pipeline.

Polished Tender in New York

Laurelton Diamonds will be holding the viewings of its next Tender of Polished Diamonds at the Laurelton Diamonds offices in New York, USA. The Tender will include a selection of Single GIA certified stones and grouped lots of GIA certified and non-certified polished diamonds. These include round and fancy shapes in sizes ranges from caraters to melee. There will also be a range of Yellow Polished diamonds in a variety of shapes and sizes.

According to Laurelton, the tender is scheduled from Monday 7th January to Wednesday 9th January in New York, USA. Viewing appointments can be booked from 9:00-17:00 (max 4hrs / excluding weekends). Interested new clients in viewing the Tender have to contact Laurelton Diamonds. Existing clients may contact Laurelton to book an appointment on the usual numbers.

New GST return filing system from April 01

The GST Council in its 31st meeting held at New Delhi made the related policy recommendations. There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities.

A scheme of single authority for disbursement of the refund amount sanctioned by either the Centre or the State tax authorities would be implemented on pilot basis. The modalities for the same shall be finalized shortly. The new return filing system shall be introduced on a trial basis from 01.04.2019 and on mandatory basis from 01.07.2019.

Exports from SEZs at Rs. 3.33 lakh crore

Employment generation at 19.96 lakh skills

The Special Economic Zones (SEZs) policy was launched in April, 2000.  The Special Economic Zones Act, 2005, was passed by Parliament in May, 2005 which received Presidential assent on the 23rd of June, 2005.  The SEZs Rules, 2006 came into effect on 10th February, 2006.

In addition to seven Central Government Special Economic Zones (SEZs) and 11 State/Private Sector SEZs set-up prior to the enactment of the SEZs Act, approvals have been accorded to 420 proposals for setting up of SEZs in the country. Of 355 notified SEZs, 230 SEZs are operational.

MSMEs export grows by 7.5% in 2017-18

The growth of exports of products manufactured by MSME units has been 7.5%, during the financial year 2017-18. This was informed by Giriraj Singh, MoS (I/C) for the Ministry of MSME, in the Lok Sabha. The Minister further informed that the growth had been -5.9%, and 4.8% during 2015-16 and 2016-17 respectively.

Giriraj Singh added that as per the information received from Directorate General of Commercial Intelligence & Statistics, the value of exports of MSME related products have been USD 130768.70 Million, USD 137068.80 Million, USD 147390.08 Million, USD 78519.91 Million during the financial year 2015-16, 2016-17, 2017-18 and 2018-19 (till September, 2018), respectively.

3 Trends that to shape diamond industry

The Global Diamond Industry 2018, A resilient industry shines through, report said about Diamond jewelry retail, Key industry trends. Three trends have the highest potential to affect the diamond industry in the near term, 1: advancements in digital technologies, 2: the development of lab-grown diamonds and 3: generational shifts in consumer preferences.

Among other benefits, digital technologies are aiding transparency and efficiency efforts across all segments of the value chain. For example, in 2017 and early 2018, blockchain projects were launched to help consumers confidently identify the origin of their diamonds. Mining companies are using predictive maintenance, real-time controls and artificial intelligence to mitigate rising operating costs.

Diamond jewellery India: demand potential, revenue flat!

Recently published report, ‘The Global Diamond Industry 2018, A resilient industry shines through’ said about Diamond jewelry retail segment. The report says, the luxury category has been stable compared with global GDP for the past five years, marking resilience to generational shifts.

The luxury segment has adapted to changing consumer preferences and behavior. Keeping in line with luxury market trends, global diamond jewelry sales grew 2% in US dollar terms in 2017. Demand for diamond jewelry is expected to continue or even accelerate in 2018, steered by high demand from affluent consumers.

Sanjay Gulabani bags award

P Mangatram Jewellers, a leading name in the world of studded jewellery has been honored India’s most preferred B2B Jewellers 2018 from Telangana state. Sanjay Gulabani, Director, P. Mangatram Jewellers received the award at a ceremony held by UBM India. The conclave was represented by the most distinguished jewelers across India in the B2B domain. The honour was presented to him by noted Bollywood actress Urvashi Rautela.

Sanjay Gulabani, Director, P. Mangatram Jewellers Pvt. Ltd. said, “We are extremely privileged to receive this award on behalf of our entire team. It has been our endeavour to craft meticulous designs with breathtaking innovation that has won laurels from our loyal customer base.

New return filing system by GSTN

GSTN will focus on the development of new return filing, further improving the user interface, and Business Intelligence and Analytics. While the new return is yet to be notified, GSTN has started development of the components in which major changes are not expected.

Improvement in User Interface on the basis of feedback is a continuous process. Few important initiatives /improvements made for better User experience are: -

A:            Questionnaire for filing GSTR-3B to avoid errors by taxpayers.

B:            Option to generate pre-populated Challan by the system to avoid depositing Cash in wrong Head by the taxpayers.

C:            Introduction of one click Nil return filing.

D:            Suggested utilisation of ITC informed to the taxpayer for discharging tax liability.

E:            Contextual help for GST transactions like Registration, Returns, Payment, etc.

134 mn Plan to Shop on Super Saturday US

More than 40 percent of holiday shoppers surveyed expect to finish their holiday gift shopping, but the biggest procrastinators will still be buying gifts through Christmas Eve, according to the annual consumer sentiment survey released by the National Retail Federation and Prosper Insights & Analytics.

“Having made their lists and checked them twice, holiday shoppers have been out in full force these last few weeks, but many are still waiting to complete their shopping this weekend,” NRF President and CEO Matthew Shay said. “Retailers will use every opportunity to see that shoppers have a great experience in these final few days. Whether looking for competitive prices, festive in-store events or last-minute online shipping deals, retailers are ready to deliver.”