NEWS

GJC stands with India against Covid-19

GJC stands with India against Covid-19

All India Gem & Jewellery Domestic Council (GJC), a national trade federation with representation of over 6 lakh jewellers from across India, has extended its wholehearted support and cooperation to the Government in the battle against COVID-19. GJC members supported Hon Prime Minister Shri Narendra Modi’s clarion call for Janata Curfew on Sunday, 22 March 2020, to fight the pandemic. Since the last 14 years, GJC has been serving as a bridge between the Government and the Gem & Jewellery trade as well as undertaking various initiatives on behalf of and for the industry.

 


Mothae recovers 64 carat type IIA diamond

Mothae recovers 64 carat type IIA diamond

Lucapa Diamond and the Government of the Kingdom of Lesotho by providing an update on recent diamond recoveries from the high-value Mothae kimberlite mine in Lesotho said, “The latest recoveries include a top-quality 64 carat D-colour Type IIa gem.”

 

The 64 carat diamond is the 12th +50 carat diamond recovered from Mothae since commercial production commenced in January 2019 and further underlines Mothae’s status as a source of large and premium-value diamonds.

 

Other significant recoveries include a 0.3 carat blue gem, proving Mothae also hosts rare Type IIb diamonds, which account for less than 0.1% of global diamond production.


Credit Rating for MSMEs

Credit Rating for MSMEs

Nitin Gadkari, Union Minister for Micro, Small and Medium Enterprises in written reply to a question said, RBI has deregulated the interest rate on advances and these interest rates are determined by banks with the approval of their respective Board of Directors subject to extant guidelines of RBI.

 

Loans to Micro, Small and Medium Enterprises (MSMEs) are provided as per the interest rate structure of the bank. The interest rate is finalized based on various factors which inter-alia include, cost of funds to the institution, credit rating of the unit, tenure of loan, purpose of loan etc.

 


 

COVID-19- Business Continuity Measures

COVID-19- Business Continuity Measures

RBI said recently that, as you are aware, the World Health Organization (WHO) has declared the recent outbreak of the novel coronavirus disease (COVID-19) a pandemic indicating significant and ongoing person-to-person spread in multiple countries, with the uncertainty about the extent of spread and the likely impact on the global economy.

 

1. Several confirmed cases have also been detected in India, which highlight the need of a co-ordinated strategy for handling the emerging situations for protecting the resilience of the Indian financial system.

 



 

WFDB Extends its Sympathy to Victims of COVID-19

WFDB Extends its Sympathy to Victims of COVID-19

“Even as we take all precautions and make every effort to contain and fight the disease, we are confident that the diamond industry can revitalise itself, after COVID-19 has been conquered.” - Ernie Blom.

 

As COVID-19 flew across the globe and WHO declared it a pandemic, the world was already gripped with the reality that stared it in the face: the impact on the health and lives of large numbers of people in the short term, and a looming global recession and disruption of businesses over the medium term.

 

The President of the World Federation of Diamond Bourses (WFDB), Ernie Blom, on behalf of the entire Executive Committee, extends his sincere sympathy to all victims of the coronavirus and condolences to the families who have died as a result of being infected.

 


IDI and AWDC to Hold an Online Trade Show

IDI and AWDC to Hold an Online Trade Show

Following the postponement and/or cancellation of several important diamond and jewellery shows worldwide – from Hong Kong March Gem and Jewellery Shows to Baselworld 2020 – the Israel Diamond Institute (IDI) and Antwerp World Diamond Centre (AWDC) will hold an online diamond trade show at the end of March.

 

The show, scheduled for March 30 to April 3, invites buyers to register for the show ahead of time on the AWDC website. The announcement on the AWDC’s website reads: “Due to the coronavirus, several trade fairs and buying opportunities this year have already been cancelled.

 


BVC Logistics separates operations at Jaipur

BVC Logistics separates operations at Jaipur

BVC Logistics, the market leader of secure transportation of precious cargo for past 60 years, has moved its domestic operations to a new office premises location at Jaipur for its domestic operations. This would help organise customers’ shipments for handling / on forward movement / delivery more seamlessly and thus bring in better operating efficiencies.

 

The move ensures targeting the precious goods market in Jaipur region and services the existing customers in the most effective manner.

 


Primary focus on boosting exports!

Primary focus on boosting exports!

Primary focus  Government export promotion schemes/ policies is to refund duties and taxes levied on inputs used in production of export products, reduce cost disability by providing incentives to specified products and improve all-round ease of doing business. Overall thrust is on enhancing competitiveness and growth in exports of all products groups across all destinations.

 

As a result, our export products and destinations are fairly diversified. In Financial Year 2018-19 products were exported to 233 countries/territories covering all big and small trading countries. During this period, we exported products in all the 168 principal commodity groups.

 


 


SODIAM grows revenues 41.6% in diamonds

SODIAM grows revenues 41.6% in diamonds

Tax revenues generated by diamond trading have increased 41.6 percent over the last two years in Angola, thanks to reforms introduced by the government, the country’s National Diamond Company (SODIAM) said.

Endiama explains that the new diamond trade policy also enabled an annual growth average of 8.5 percent in gross revenues, during the referred period, against 2.3 percent recorded in 2016 and 2017.

 

The current diamond trading reforms not only prompted growth in tax revenue, but brought competition and transparency to the sector, which until then had not existed, reads the note of the company that reached ANGOP.

 


Angola improves diamond exploration

Angola improves diamond exploration

The approval of the regulation of semi-industrial exploration and the sale of diamonds, part of the legal reforms of the mining sector underway in Angola since 2018, allowed the improvement of the management and exploration of this resource in the country, reads a note from Endiama that Angop had access.

 

The current Presidential Decree that regulates this activity provides that the Diamond Marketing Policy is submitted to an evaluation period after one year of its implementation, and its results must be evaluated and presented within 180 days.

 


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