CTF Garners Four Recognitions

Chow Tai Fook Jewellery Group Limited (CTF) has earned four accolades at The 8th Asian Excellence Award 2018 conducted by Corporate Governance Asia, an authoritative regional journal in recognition of the outstanding performance in corporate governance.

The recognitions include: 1: Asiaʼs Best CEO (Investor Relations) – Kent Wong, 2: Asiaʼs Best CFO (Investor Relations) – Hamilton Cheng, 3: Best Investor Relations Company (Hong Kong), 4: Best Investor Relations Professional – Danita On.

US Retail Imports to Hit Despite Tariff Debate

Imports at the nation’s major retail container ports are expected to set record numbers this summer and fall even as the debate over trade and tariffs continues in Washington, according to the monthly Global Port Tracker report released today by the National Retail Federation (NRF) and Hackett Associates.

“Consumers are buying more and that means retailers are importing more,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Imports continue to be the primary source of high-quality, mass-produced necessities at affordable prices and will be for the foreseeable future. If tariffs are imposed on consumer goods, that will only drive up prices for American families while doing little or nothing to punish those responsible for unfair trade practices.”

Alrosa enters the Top-5 of rating

Alrosa, the world’s largest diamond mining company, has entered Top 5 of pilot sustainability rating “Polar Index” among Russian companies operating in Arctic. The rating is developed by Project Office of Arctic Development and the environmental economics department of Faculty of Economics of the Lomonosov Moscow State University.

"Polar Index" became the first specialized rating of companies whose geography of activities affects the Arctic zone of Russia. The results of the first rating were presented in the Public Chamber of the Russian Federation on World Environment Day held on June 5.

Sibanye Gold at acquisition process

Sibanye-Stillwater advised that, the Company was awarded the ‘Global Resources and Commodities M&A Deal of the Year’ under the large-cap segment at the 10th Annual M&A Atlas Awards gala function, held at the Intrepid Museum in New York for the US$2.2 billion acquisition of Stillwater Mining Company in the United States (US).

Commenting on the award CEO Neal Froneman stated that “this award is gratifying as it again reflects the recognition by industry participants of the significance and transformative nature of the Stillwater acquisition. This transaction has already had a significant impact on the Group.

More reasons to upgrade to new jewellery

Tanishq was the first jeweller in the country to spot the evolving needs of the new Indian jewellery buyer – where the ask was to make gold jewellery more contemporary, design-led and more light where she could wear it every day, not just confining to key occasions.

Why upgrade?

The unorganised jewellery market in India is 90% and there are possibilities that a customer may end up buying impure jewellery. Since its inception, Tanishq believes that it is important for customers to upgrade their gold jewellery once in every 25 to 30 months, because:

China banks on sharing of debt info

New rules laid out by China’s banking regulator will require banks lending to the same client to share the borrower’s credit history as well as set a limit for the funds the client can take on, Caixin reports.

Continuing Beijing’s deleveraging campaign, this latest round of regulation hopes to put restrictions on companies taking on irresponsible levels of debt from multiple lenders, according to the China Banking and Insurance Regulatory Commission.

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June HK to be held during June 21 to 24

First-rate jewellers and gemstone dealers, many of whom have long been associated with luxury and glamour, are all set to impress at the June Hong Kong Jewellery & Gem Fair’s signature Fine Design Pavilion/Fine Gem Pavilion.

The June Fair, which has earned its place as the world’s most important mid-year fine jewellery event, is scheduled for June 21 to 24 at the Hong Kong Convention & Exhibition Centre. The B2B show attracts influential buyers from all corners of the world and brings together about 2,000 exhibitors from 41 countries and regions.

Task Force takes steps on shell companies

2nd drive to be launched during FY 2018-19, 

a total of 2,25,910 companies identified

2nd drive to be launched during the current Financial Year 2018-19 ; a total of 2,25,910 companies identified for being struck-off under section 248 of the Companies Act. The Task Force on Shell Companies has met 8 times since its constitution and has taken pro-active and coordinated steps to check the menace of shell companies.

The ‘Task Force’ was set up in February, 2017 by the Prime Minister’s Office under the joint Chairmanship of the Revenue Secretary and Secretary, MCA with a mandate to check in a systematic way, through a coordinated multi-agency approach, the menace of companies indulging in illegal activities including facilitation of tax evasion and commonly referred to as ‘Shell Companies’. Department of Financial Services, CBDT, CBEC, CBI, ED, SFIO, FIU-IND, RBI, SEBI, DG GSTI and DG-CEIB are its Members.

Large Alrosa diamonds auction in June

Alrosa, the world’s largest diamond mining company, will hold the auctions for the sale of special size rough diamonds (weighing over 10.8 carats) in Hong Kong and Vladivostok this June. The auction in Hong Kong will take place on June 13-27; the results will be summed up on June 28. The company will auction 105 gem-quality lots with total weight of 1620 carats.

The second auction will be held on June 18-29 in Vladivostok. The company plans to bring there 130 gem-quality lots with total weight 2149 carats. The results of the auction will appear on June 29.

China reduces Import Tariffs Jewelry

The Customs Tariff Commission of the State Council in China issued the "Notice on Reducing the Import Tariffs of Daily Consumer Goods" a few days ago. According to the notice, China will cut Most Favored Nation (MFN) tariffs for daily consumer goods involving 1,449 tax items starting July 1. 18 tax items involving jewelry categories are included.

The MFN import tariff rate for Gold and silver jewelry products will be reduced from 20% to 8%, and that for platinum and other precious metal products from 35% to 10%, and for natural or cultured pearl products, gemstones or semi-precious stones products from 35 % to 10%. The average tariff drop for the 18 jewelry tax items will be 67.75%.