Show Cause Notice to Nirav Modi

GJEPC clarifies that LoUs not widely used by industry

According to their official website, the Gem & Jewellery Export Promotion Council (GJEPC) has issued show cause notices to its two members Nirav Modi and Mehul Choksi whose companies are facing allegations of fraud and having defaulted in payments to banks. The notice seeks an explanation within seven days about these allegations and states that the Council strongly condemns any sort of unlawful & illegal actions by any of its Members.

Naujaat Diamond recovers 64.25 cts

According to North Arrow Minerals report final diamond recoveries from a 209.8 tonne mini-bulk sample collected in July 2017 from the diamondiferous Q1-4 kimberlite at the Naujaat Diamond Project, Nunavut.

Their Highlights of the announcement says, a total of 1,991 diamonds greater than +1 DTC (~1 mm) weighing 64.25 carats were recovered from 209.84 dry tonnes of kimberlite for an overall sample grade of 30.6 cpht or say carats per hundred tonnes.

Lucapa sales brings US$10.8mn

Sale comes as regular production of large Specials continues at Lulo with latest recoveries including 85 carat and 52 carat diamonds at Lucapa Diamond Company. Lucapa have completed the second sale for 2018 of diamonds from the Lulo Diamond Project in Angola.

Angolan diamond cutting factory soon

Saurimo - The construction of a diamond-cutting plant in Saurimo city, Lunda Sul province, is part of the local government's priorities, said the governor, Ernesto Kiteculo.

The official who was speaking to the press justified that such intention if materialized, will contribute in the manufacture of jewels and will offer more direct jobs to the young people and in the commercialization of the precious stone, since 90 percent of the production of this gems is made in Lunda Sul.

RJC and industry experts discuss RBP!

The role of responsible business practices

In the future of the jewellery industry

The Responsible Jewellery Council (RJC) hosted an industry panel discussion at the 35th Hong Kong International Jewellery Show in Hong Kong. Moderated by Edward Johnson, RJC’s newly appointed Director of Business Development, the discussion focused on the commercial case for responsible business practices (RBP) in the jewellery industry.

MoF approves Fugitive Economic Offenders Bill

The Union Cabinet chaired by Prime Minister Shri Narendra Modi, has approved the proposal of the Ministry of Finance to introduce the Fugitive Economic Offenders Bill, 2018  in Parliament.  The Bill would help in  laying down measures to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts.

The cases where the total value involved in such offences is Rs.100 crore or more, will come under the purview of this Bill.

Robust economic growth momentum

The Ministry of Finance states that the Second Advanced Estimates released by the Central Stastical Organisation (CSO) indicate a broad-based and significant acceleration of real economic activity as projected in the Economic Survey.

Estimates for real GDP growth for 2017-18 have been revised upwards to 6.6 percent, compared with 6.5 percent in the First Advance Estimates. Similarly, real GVA growth for 2017-18 has been revised upwards from 6.1 percent to 6.4 percent. Real GDP growth for the third quarter is estimated at 7.2 percent, up from 6.5 percent in the second quarter; real GVA growth has accelerated from 6.2 percent in Q2 2017-18 to 6.7 percent in Q3 2017-18.

CBDT attains new milestone in APAs

The Central Board of Direct Taxes (CBDT) entered into seven more Advance Pricing Agreements (APAs) during the month of February, 2018. All the seven are Unilateral APAs. With the signing of these Agreements, CBDT has crossed an important milestone of having signed 200 APAs.

The total number of APAs entered into by the CBDT till date has gone up to 203. This includes 185 Unilateral APAs and 18 Bilateral APAs. In the current financial year, the CBDT has entered into 51 APAs so far (44 Unilateral APAs and 7 Bilateral APAs).

Registration opens at BDB

Registration has opened for participation in the first-ever edition of the Bharat Diamond Week at the Bharat Diamond Bourse (BDB) in Mumbai, India. The BDB expects thousands of visitors from India and abroad to take part in the April 23-25 international diamond week. The BDB said that 200 Indian companies will be exhibiting polished diamonds to buyers from across the world.

"The interest in the Bharat Diamond Week 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.

Offer latest trendy design to market!

Update 3: The Gems and Jewellery Export Promotion Council (GJEPC), Govt. of India undertaking, organised “Design Inspirations” a two-day knowledge forum on upcoming jewellery trends. The two-day seminar and think tank focuses on understanding what creates jewellery trends in World’s major jewellery consuming markets like India, USA and Europe. Each year this two-day gathering of thought leaders brings forth the expected fresh insights which are revolutionising this dynamic industry.