NEWS
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
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
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
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
“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
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, 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 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
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
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.