NEWS

The DRC in regard to KP reform

The DRC in regard to KP reform

Stephane Fischler, acting president of the World Diamond Council (WDC) and Marie-Chantal Kaninda, executive director of the WDC, travelled to the Democratic Republic of Congo (DRC) to meet with key stakeholders involved in the Kimberley Process (KP).

 

Fischler and Kaninda met with the chair of the Working Group on Artisanal and Alluvial Production (WGAAP), the Minister of Mines, the Center for Evaluation, Expertise and Certification (CEEC) chair, deputy chair and team, the Diamond Development Initiative (DDI), DRC civil society members and mining companies, cooperatives and exporters.

 


Leads to Formalization of Indian Economy

Leads to Formalization of Indian Economy

Historic tax reform, the Goods and Service Tax (GST), has resulted in formalization of economy and consequently information flow would eventually augment not only the Indirect Tax collections but also Direct Tax collections.

 

In the past, the Centre had little data on small manufacturers and consumption because the excise was imposed only at the manufacturing stage while the States had little data on the activities of local firms outside their borders. Under the GST, there will be now seamless flow of availability of common set of data to both the Centre and the States making Direct and Indirect Tax collections more effective.

 


HRD sign cooperation MoU with Russia

HRD sign cooperation MoU with Russia

In the context of the KP Intersessional taking place this week, which has brought the diamond world to Antwerp, the Ministry of Finance of the Russian Federation, represented by the Deputy Minister of Finance of the Russian Federation Aleksey Vladimirovich Moiseev, signed a Memorandum of Understanding with HRD Antwerp for the establishment of an HRD Antwerp diamond grading lab in Moscow.

 


Marigold output to be 265K Oz in 2021

Marigold output to be 265K Oz in 2021

SSR Mining reported the updated life of mine plan for the Marigold mine in Nevada-US, evaluating a sustained mining rate from the additional haul trucks added in 2016 and 2018 as well as year-end 2017 Mineral Reserves, for over ten years of mining to 2028.

 

Paul Benson , President and CEO said, "This life of mine plan builds on our exploration success and Operational Excellence track record at Marigold. Annual gold production is forecast to exceed 265,000 ounces in 2021 and 2022, a more than 30% increase over 2017. The new reserve supports mining for over ten years and gold production for fifteen years, with significant resources and exploration potential existing beyond the currently defined reserves.

 


KP Intersessional to run until 22

KP Intersessional to run until 22

The EU hosts Kimberley Process (KP) Intersessional meeting in Antwerp. The Kimberley Process Intercessional, a week-long event where the members of the KP, other stakeholders and observers gather to make up the balance of our industry's efforts to protect the diamond industry and trade from conflict diamonds and other unwanted influences.

 

In 2018, the European Union holds the Chairmanship of the Kimberley Process, a global partnership which brings together governments, industry and civil society with the aim to eliminate the trade in so-called conflict diamonds worldwide. This year, the European Union is chairing the KP and India is serving as the vice-chair.

 


Exports are being promoted!

Exports are being promoted!

Services trade is growing faster than merchandise and such dynamic changes need to be captured in the global trading system, stated Suresh Prabhu, Minister of Commerce and Industry and Civil Aviation. He was speaking at the 6th Growth Net Summit, being held in New Delhi on 18-19 June 2018, organized by Ananta Center and Confederation of Indian Industry (CII) with Smadja & Smadja.

 


Rethinking the role of the bank

Rethinking the role of the bank

According to the, Insights of The Quarter published by Bain & co, Thomas Olsen, Ada Di Marzo, Sen Ganesh and Mike Baxter inks, ‘Wolf in Sheep's Clothing: Disruption Ahead for Transaction Banking!’

 

Many banks increasingly see their futures bound up with a greater presence in transaction banking—the business of managing cash for companies, and financing trade and supply chains. Global banks such as Citigroup, HSBC and JPMorgan have focused on this business for years, and now others are trying to add more sources of recurring fee income as they struggle to increase their return on capital.

 


Ledger technology for SARB

Ledger technology for SARB

According to David Bentley, The South African Reserve Bank (SARB) has outlined its progress with Project Khokha, a Proof of Concept simulation of distributed ledger technology for wholesale payments and settlements. The results of the pilot were announced in a recent statement by South Africa’s central bank, which is operating the Proof of Concept for interbank transfers on JPMorgan’s Quorum, an Ethereum based Blockchain.

 

In summary, the Reserve Bank is using Blockchain technology to gain a practical understanding of how it can work in conjunction with the country’s banking industry, and to assess the benefits distributed ledgers can provide. The Reserve Bank said it is not looking to replace its legacy systems at this stage, but is interested to examine how the Khokha system will work as a back up to its existing settlement systems.


SA Mining Charter to improve the lives

SA Mining Charter to improve the lives

Mineral Resources Minister, SA, Gwede Mantashe says rules in the draft Mining Charter must not be just about ticking boxes for mining companies but they must work towards improving the lives of workers and communities.

 

“Communities must have proper trusts, and these trusts must be managed by trustees that report back to the communities,” said the Minister. He was speaking at a briefing he held on Sunday following the publishing of the much awaited draft Mining Charter published.

 


Fresh tariffs on Chinese imports!

Fresh tariffs on Chinese imports!

According to CER, US President Donald Trump has threatened to impose a further $200 billion of fresh tariffs on Chinese imports, after Beijing retaliated in equal measure to the White House’s $50 billion in tariffs signed last week.

 

In a statement, Trump said that he had instructed US Trade Representative Robert Lighthizer to draw up a list of $200 billion worth of Chinese goods to be subject to 10% tariffs on top of the 25% rate imposed. “China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology,” Trump said.

 


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