Lucara launch sale through Clara

Lucara Diamond Corp. ("Lucara" or the "Company") is pleased to announce that Clara Diamond Solutions, its 100% owned digital sales platform, will commence operations in November 2018 with a select group of large vertically integrated jewelry houses and global diamond manufacturers. Clara is designed to achieve a sustainable premium over existing sales channels, including tenders and long-term supply contracts for sellers, and deliver increased margins for buyers.

Eira Thomas, CEO commented: "After several months of intense commercialization efforts which are tracking on schedule and under budget, we are excited to be moving forward with our first sale. Clara is a scalable business solution for the entire diamond industry that is long overdue and necessary to modernize, streamline and increase consumer confidence in the marketplace. The platform has received strong interest from the diamond community and we are delighted to have secured excellent partners, consisting of leading diamond manufacturers and jewelry houses."

Mothae kimberlite in Lesotho commissioned

Lucapa Diamond Company Limited and the Government of the Kingdom of Lesotho announce the commissioning of the 1.1Mtpa treatment plant has commenced at the high-quality Mothae kimberlite diamond mine in Lesotho.

First commercial diamond recoveries are expected from the Mothae mine in early November 2018, complementing production from the high-quality Lulo alluvial diamond mine operated by Lucapa in Angola.

Mothae bulk sampling diamonds, including Specials of up to 89 carats, from the 2,500 carat parcel exported to Antwerp in the September 2018

Hari Krishna Group honours Artisans!

Hosts Skill India Incentive Ceremony 2018

Hari Krishna Exports Pvt Ltd- India’s leading manufacturer of cut and polished diamonds hosted a Skill India Incentive Ceremony 2018 at its manufacturing unit HK HUB, Surat. To grace this ceremony, Hon’ble Prime Minister of India, Shri Narendrabhai Modi handed over car keys to few of the company’s employees personally in New Delhi and gave his warm blessing to over 25,000 family members through a live video conferencing.

As a part of company’s loyalty bonus program the HK Group gave incentives to approximately 1,700diamond artists and diamond engineers in the form of cars and fixed deposits. The ceremony was a success with the blessings of Pujya Morari Bapu, Pujya Ramesh bhai Oza, Sri Sri Ravi Shankar Maharaj and Pujya Jignesh Dada.

Anmol Introduces Gentleman’s Edit

Known for redefining an ‘era of design’, Anmol launches the ‘Gentleman’s edition’ to celebrate Chivalry and Brotherhood that a real man stands for.  This collection is curated exclusively for the grooms of Anmol, and consists of ‘cutting edge’ designs in form of jewelry and accessories that exhibit an aristocratic charm.

They include brooches, cuff-links, buttons and lapel pins handcrafted in 18 K white and rose gold which is encrusted with the finest of diamonds and other enchanting gemstones. Comprising of an assortment of intricate designs, the ensemble exudes a charm that surrounds nobility. 

2nd IDW opens buying season!

IDW dome accommodates

120 international buyers from 29 countries

The Gem & Jewellery Export Promotion Council (GJEPC) organized the second edition of India International Diamond Week powered by Gemmological Institute of America (GIA) from 23rd to 25th October 2018 on the sidelines of World Diamond Council (WDC) AGM and World Federation Diamond Bourses’ (WFDB) Meet in Mumbai.

This is part of its endeavour to promote the Indian diamond industry globally and improve its trade relations with high potential country markets. Fifty crème-de-la-crème exhibited and networked with 120 international buyers from 29 countries including Australia, Bahrain, Belgium, Brazil, China & Hong Kong, Cyprus, Egypt, France, Germany, Ireland, Italy, Israeli, Kazakhstan, Korea, Lebanon, Luxembourg, New Zealand, Russian, Saudi Arabia, South Africa, Sweden, Syria, Thailand, Turkey, UAE, UK, Ukraine, USA and Uzbekistan amongst others.

WFDB commences 38th WDC in Mumbai

Committees Debating Industry Issues

The 38th World Diamond Congress, the biennial meeting of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), began on Tuesday in Mumbai with the WFDB holding important Committee meetings.

The meetings of the WFDB's Judicial, Trade & Business, Promotion, and Executive Committees heard updates regarding their activities, and discussed future plans. "There have been so many developments in the diamond business since we last met at the 2017 Presidents Meeting that it was vital for us to have the opportunity to hear the views and opinions of our members from across the world," said President Ernie Blom.

WDC held 14th AGM in Mumbai

The World Diamond Council (WDC) kicked off its 14th Annual General Meeting (AGM) in Mumbai, India on October 22 -23 with a focus on reform of the Kimberley Process and WDC System of Warranties in support of a commitment to sustainable development by the diamond industry.

The meeting was hosted by The Gem and Jewellery Export Promotion Council (GJEPC).  This year’s events welcome several new member organizations that strengthen the collective voice of the Council, particularly in Belgium, China and Africa.  The agenda is expected to continue to focus on a push for reform, both externally in the Kimberley Process (KP) where the WDC serves as the industry’s observer and from within through changes to the industry’s System of Warranties (SoW). 

Exporters’ n’joy! Good season ahead!

US winter holiday to grow by 4.1% YoY

Consumers say they will spend an average of $1,007.24 during the holiday season this year, up 4.1 percent from the $967.13 they said they would spend last year, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.

“The holidays are just around the corner and consumers are ready to shop,” NRF President and CEO Matthew Shay said. “Confidence is near an all-time high, unemployment is the lowest we’ve seen in decades and take-home wages are up. All of that is reflected in consumers’ buying plans. Retailers expect strong demand this year, and are prepared with a wide array of merchandise while offering strong deals and promotions during the busiest and most competitive shopping season of the year period.”

2nd Report on Cross Border Insolvency

Cross Border Insolvency, 2^nd Report submitted!

ILC submits 2nd Cross Border Insolvency Report

A major step to bring Indian Insolvency Law

on a par with that of matured jurisdictions!

The Insolvency Law Committee (ILC) constituted by the Ministry of Corporate Affairs to recommend amendments to Insolvency and Bankruptcy Code of India, 2016, has submitted its 2nd Report to the Government, which deals with cross border insolvency. The Report was handed over to Shri Arun Jaitley, Minister of Finance and Corporate Affairs by Corporate Affairs Secretary, Shri Injeti Srinivas.

The ILC has recommended the adoption of the UNCITRAL Model Law of Cross Border Insolvency, 1997, as it provides for a comprehensive framework to deal with cross border insolvency issues. The Committee has also recommended a few carve outs to ensure that there is no inconsistency between the domestic insolvency framework and the proposed Cross Border Insolvency Framework.

The UNCITRAL Model Law has been adopted in as many as 44 countries and, therefore, forms part of international best practices in dealing with cross border insolvency issues. The advantages of the model law are the precedence given to domestic proceedings and protection of public interest. The other advantages include greater confidence generation among foreign investors, adequate flexibility for seamless integration with the domestic Insolvency Law and a robust mechanism for international cooperation.

The necessity of having Cross Border Insolvency Framework under the Insolvency and Bankruptcy Code arises from the fact that many Indian companies have a global footprint and many foreign companies have presence in multiple countries including India.

Although the proposed Framework for Cross Border Insolvency will enable us to deal with Indian companies having foreign assets and vice versa, it still does not provide for a framework for dealing with enterprise groups, which is still work in progress with UNCITRAL and other international bodies. 

The inclusion of the Cross Border Insolvency Chapter in the Insolvency and Bankruptcy Code of India, 2016, will be a major step forward and will bring Indian Insolvency Law on a par with that of matured jurisdictions.

Key: Insolvency and Bankruptcy, Cross Border Insolvency, UNCITRAL Model

Best DT-GDP ratio of in last 10 years

Continuing the practice of placing key statistics relating to direct tax collections and administration in public domain, the Central Board of Direct Taxes (CBDT) has further released time-series data as updated up to FY 2017-18 and income-distribution data for AY 2016-17 and AY 2017-18. The key highlights of these statistics are as under:

i. There is a constant growth in direct tax-GDP ratio over last three years and the ratio of 5.98% in FY 2017-18 is the best DT-GDP ratio in last 10 years.

ii. There is a growth of more than 80% in the number of returns filed in the last four financial years from 3.79 crore in FY 2013-14 (base year) to 6.85 crore in FY 2017-18.

iii. The number of persons filing return of income has also increased by about 65% during this period from 3.31 crore in FY 2013-14 to 5.44 crore in FY 2017-18.