Alrosa prepays USD 450 mln

PJSC Alrosa, the global leader in diamond production, prepaid USD 450 million of bank loans. Alrosa made an early repayment of a USD 250 million loan from Rosbank and a USD 200 million portion of the existing Raiffeisen bank loan, both raised in December 2017, reducing its debt by more than 27% to USD 1.17 billion.

The bank loans were repaid with the cash proceeds received from the Company’s auction sale of gas assets in February 2018.

Challenges in the jewellery sector’ topic at DPMC

DMCC, the world’s leading Free Zone for commodities trade and enterprise, is set to hold an in-depth discussion on "The Evolution and Impact of Taxation on Gold" and "Challenges in the Jewellery Sector" on the first day at the 7th edition of the Dubai Precious Metals Conference (DPMC).

In India, the government imposed a 5% customs duty on gold jewellery last year. And in the UAE, a 5% VAT rate has been imposed on gold jewellery since the start of 2018. What are the implications of these taxes and how are they impacting the gold market? These, and other issues, will be tackled in depth on the first day of the conference.

AngloGold Reaches Accord for Obuasi gold mine

AngloGold Ashanti has signed the regulatory and fiscal agreements with the Government of Ghana that will provide the framework for the redevelopment of the Obuasi Gold Mine into a modern, productive mining operation.

The Government of Ghana and AngloGold Ashanti have put in place several agreements including a Development Agreement, Tax Concession Agreement, Security Agreement and a Reclamation Security Agreement. The Environment Impact Assessment process has been completed and the permits are expected shortly.

Extension of tax exemptions for exporters

The GST Council decides Extension for six months

Sending a strong positive signal to the exporting community, the GST Council in its 26^th meeting held & decided to extend the available tax exemptions on imported goods for a further 6 months beyond 31.03.2018. Thus, exporters presently availing various export promotion schemes can now continue to avail such exemptions on their imports upto 01.10.2018, by which time an e-Wallet scheme is expected to be in place to continue the benefits in future.

Amreli CFC inaugurated!

The Common Facility Centre for diamond

cutting and polishing at Amreli, Gujarat

According to the sources, Commerce and industries minister Suresh Prabhu of  additional charge of the civil aviation ministry opened up the Common Facility Centre (CFC) for diamond cutting and polishing at Amreli, Gujarat in the presence of artisans, Pramod Agarwal, Chairman-GJEPC, Dinesh Navadia, GJEPC Regional Chairman, Gujarat, Manoj Dwivedi, JS, MoC&I, Shri Sabyasachi Ray, Executive Director, officials & industry fraternity.

Gold-backed ETFs lost 5.1t in February

According to WGC, Gold-backed ETFs collectively held 2,393.4t (US$101.4bn) at the end of February after losing 5.1t (US$146mn) during the month. Our analysis of gold-backed ETFs and similar products, provides detailed information and insights on global trends in gold investment demand through ETFs.

Regional fund flows:

1: Asian-listed funds added 7.9t (US$317mn, 8.3% AUM)

2: European funds lost 7.3t (US$240.6mn, 57bp AUM)

3: North American funds lost 5.1t (US$196mn, 37bp AUM)

4: Funds in other regions lost 0.7t (US$28mn, 1.6% AUM)

Baselworld 2018 ready to open up!

Les Ateliers, the highlight of the show 

From 22 to 27 March 2018, Baselworld not only brings the world’s best-known watch and jewellery brands to Basel, but also attracts trailblazers, revolutionaries, the avant-garde and artists. Located in Hall 1.1, they have an optimal showcase in the “Les Ateliers” exhibition area for independent watchmakers.

Baselworld was the first show worldwide to include a sector expressly for independent watchmakers: initially in the “Palace”, and since last year in the “Les Ateliers” area, which was specially conceived for outstanding independent manufactories to present fascinating horological craftsmanship and innovative time measurement. This area is located in Hall 1.1 at Baselworld 2018. “Les Ateliers” sparked strong interest among exhibitors and visitors alike. The exhibitors reported positive contacts, while the visitors cited “Les Ateliers” as a “highlight of the show.”

DMCC adopts Gender Equality Principles

DMCC, the world’s leading Free Zone for commodities trade and enterprise in Dubai, marked International Women’s Day 2018 by announcing its commitment to the ‘Women’s Empowerment Principles (WEPs) – Equality Means Business’ campaign, an initiative of UN Women, the United Nations organisation dedicated to gender equality and the empowerment of women.

By signing a “CEO Statement of Support” at Almas Tower in the presence of Mahmoud Hesham El Burai, Chairman to the United Nations Global Compact Local Network UAE, and Alice Laugher, Chair of the UAE WEPs Taskforce, Gautam Sashittal, Chief Executive Officer, DMCC officially endorsed the campaign and committed the organisation of over 300 employees to the pursue the empowerment of women in the workplace, marketplace and community.

RW introduces the Maestro Blues!

Two new watches inspired by the tuneful sounds of blues music by Swiss watch company, Raymond Weil (RW), proudly presents two new additions to its emblematic maestro collection, the maestro Blues, a tribute to the Brand’s source of creativity: music.

Raymond Weil presents two new models, the maestro Blues, inspired by the bewitching sounds of the “blues”. Equipped with a mechanical automatic winding movement housed in a 40mm diameter case, these timekeepers feature a captivating dark blue dial, endowed with a delicate wave-like decoration.

The refined contemporary hands offer an elegant match for the dial’s white Roman numerals. The maestro Blues with the rose gold PVD plated case features a date aperture at 3 o’clock, while the stainless steel version is equipped with an aperture at noon, subtly revealing the heart of the watch.

Both of these versions marry perfectly with the blue genuine leather strap punctuated with white stitching.

The independent Swiss watch Brand, Raymond Weil has, once again, played to its strengths, delivering a virtuoso performance deserving a standing ovation, the maestro Blues.

Market survey 2018 on wedding

The 54$ billion wedding services market is a huge opportunity with 10 to 12 Million marriages set to take place every year (KPMG report, 2014). To understand how the young Indians look at planning their own wedding, Matrimony- known online player undertook The Big Fat Indian Wedding Market Survey 2018 in which 9246 people all over India had participated online.

The survey revealed that 20.6% of females were planning to spend Rs.10 to 20lakh while it was 11.2% of males for the same spending bracket. 6.1% female respondents said they were going to spend Rs. 20 to 40 lakh on the wedding.