16 APAs by CBDT in March

Indian Advance Pricing Agreement (APA) regime moves forward with the signing of 16 APAs by CBDT in March, 2018. The Central Board of Direct Taxes (CBDT) entered into 14 Unilateral Advance Pricing Agreements (UAPA) and 2 Bilateral Advance Pricing Agreements (BAPA) during the month of March, 2018.

The 2 bilateral APAs have been entered into with the United States of America. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 219. This includes 199 Unilateral APAs and 20 Bilateral APAs. A total of 67 APAs (9 Bilateral and 58 Unilateral) have been signed in the FY 2017-18.

GJC Manthan 2018 inaugurated!

Shahnawaz Hussain graced inaugural as chief guest!

The All India Gem & Jewellery Domestic Council (GJC), formerly known as All India Gems & Jewellery Trade Federation (GJF), inaugurated Manthan Gems & Jewellery Conclave 2018 to run during the April 5- 6 in Mumbai. Shri Syed Shahnawaz Hussain, The national spokesperson of BJP & Ex –Cabinet Minister graced the inaugural event as a Chief Guest &

Shahnawaz was felicitated by Mr Nitin Khandelwal, Chairman-GJC & Mr Manoj Jha, Convener- Manthan 2018 amid guests, industry players & amid attendees of Manthan 2018. Manthan 2018, A gem and Jewellery conclave is one of its kind initiative for the benefit of the Gems and Jewellery Industry.

Mountain Province recovers 5,934K carats!

Mountain Province Diamonds announces its financial and operating results for the full year ended December 31, 2017. Accordingly, Earnings from mine operations of $52.1 million Canadian dollars. Total sales of $238 million in 2017, of which $68 million Canadian dollars was capitalized as pre-commercial production revenue and $170 million Canadian dollars is reported as sales in the statement of comprehensive income.

Average full-year realization of US$70 per carat or about $89 Canadian dollar equivalent per carat. Approximately 2,775K tonnes of ore treated through the process plant and 5,934K carats recovered, on a 100% basis, for an average recovered grade of 2.14 carats per tonne.  This recovered grade is approximately 32% above the original budget for the year ended December 31, 2017.

NA funds dominated global inflows!

Global gold-backed ETFs collectively added 22.5 tonnes (t) of gold during March, increasing their holdings to 2,415t (US$102.8bn). While the price of gold finished the month relatively flat (+46bp), a significant portion of inflows was the result of periods of sharp price rallies on strong volume, especially in the second half of March.

Gold’s price performance and volatility were driven by global trade tensions, a weaker US dollar, and weak stock market performance. As stock markets tumbled, investors moved into bonds and gold. Gold is one of the best performing asset classes this year, having rallied 2.5%.

GITColors Standards

Master of Ruby and Sapphires

Color greatly affects the price of each colored stone. Thus, the market has a strong requirement for labeling colored stones with trade names such as Pigeon Blood Ruby, Royal Blue, and Cornflower Blue Sapphires in identification reports.

To cater to the demands of the market, the Gem and Jewelry Institute of Thailand (Public Organization) or GIT has issued a comprehensive colored stone standard, from color, cleanliness to cut as a guideline for users to benchmark the quality of colored stones, a useful tool for creating confidence and fairness for local and international manufacturers and consumers alike.

The One, Cushion-Cut Diamond Micropavé Ring

The ultimate expression of true love, Harry Winston Engagement Rings feature rare diamonds selected from only the top color (D, E, and F) and clarity grades (Flawless-VS2) expertly set in platinum to create a superlative engagement ring that shines with maximum brilliance. From cushion-cut, to emerald-cut, to oval and pear-shaped, the House’s unique engagement rings are available in a variety of cuts and styles.

Suggestions invited on regulation

IBBI invites suggestions on

regulation of fee payable to insolvency!

Insolvency and Bankruptcy Board of India (IBBI) released a discussion paper on regulation of fee payable to insolvency professionals (IPs) and other process costs under Corporate Insolvency Resolution Process (CIRP). The discussion paper is available at IBBI website. IBBI invites suggestions and comments on the issues discussed in the paper, including the following:

BDW ready to host about 4K visitors!

“The interest in the Bharat Diamond Week (BDW) continues to rise far beyond our original projections and this is extremely positive," said Bharat Diamond Bourse Vice-President Mehul Shah, who is heading the Diamond Week project. "We believe that there will be around 4,000 visitors. Our aim is to create connections between our international friends and colleagues and Bharat Diamond Bourse members.”

Bharat Diamond Bourse invites footprints of all in Diamond Trade and Jewelry to participate in the Bharat Diamond Week within BDB complex, an exhibition first of its kind equipped with International standards and facilities.

US-China trade war, NRF Responds!

The National Retail Federation (NRF) issued the following statement from President and CEO Matthew Shay after U.S. Trade Representative Robert Lighthizer released a list of Chinese imports subject to new tariffs under the Trump administration:

“As we’ve said all along, tariffs are taxes on consumers and a drag on the nation’s economy. While we are pleased that many everyday products such as clothing and shoes are not on the list, we remain concerned that other goods such as consumer electronics and home appliances are targets. And we believe that tariffs on certain machinery will make American-made products more expensive.

Hack4Diamonds!

Antwerp World Diamond Centre (AWDC) is organizing the first-ever hackathon in the diamond industry! A hackathon is an open-innovation weekend where like-minded people from different backgrounds come together to co-create solutions, this time for the diamond industry!

“We've set up 3 challenges, and over the course of the weekend, multiple teams will work around the clock on solutions for those challenges, and present it to a jury of experts on the last day. Winners will be chosen, and together with our partners, solutions can then be further developed and implemented to take innovation in the diamond industry to a higher level! says AWDC.