NEWS

2nd Platinum BSM Begins in Chennai

2nd Platinum BSM Begins in Chennai

Mumbai: After the success of the first edition of the ‘Platinum Buyer-Seller Meet’ (BSM), Platinum Guild International (PGI) is back with its second edition. The 2nd edition of the Platinum Buyer seller meet will be held in Chennai from 5th to 7th July 2017 exclusively for the manufactures & retailers of Platinum Jewellery in India.


GST Will Spur Growth in India’s G&J Industry: Mark Gershburg

GST Will Spur Growth in India’s G&J Industry: Mark Gershburg

Mumbai: Following the implementation of the new goods and service tax (GST) in India on July 1, jewellery dealers in the country will pay taxes ranging from 0.25 to 3% for gems. More specifically, gold, semi-diamonds and cut diamonds will attract a 3% tax, whereas rough diamonds will be taxed at 0.25%. The new tax rates are in line with the old tax rates for jewellery, which ranged between 2 and 2.5% for all states except Kerala. Under the new unified service tax (GST), consumers will effectively pay a 13% duty on gold and diamond jewellery because the GST Council maintained the 10% import duty. Below is some more information on this topic.


Hearing Against Rockwell Subsidiaries Deferred

Hearing Against Rockwell Subsidiaries Deferred

Johannesburg: Rockwell Diamonds said a court hearing to consider the merits of the liquidation application brought by C-Rock Mining against its three subsidiaries – Rockwell RSA, HC van Wyk Diamonds and Saxendrift Mine – that was scheduled for June 22 has been postponed to October 31, with the consent of all parties.

North Arrow Commences Exploration Program

North Arrow Commences Exploration Program

Toronto: North Arrow Minerals Inc. has started a $3.2M exploration program at its 100% owned Naujaat (formerly Qilalugaq) and Mel Diamond Projects in Canada.


Life of Jwaneng Mine to be Extended by 2024

Life of Jwaneng Mine to be Extended by 2024

Gaborone: Botswana's Debswana Diamond Mining, a joint venture between De Beers and the southern Africa country's government, plans to extend the lifespan of its Jwaneng mine beyond 2024, reports Reuters Africa, citing a mines minister. The project, known as "Cut 9", has been under discussion for five years as part of the Jwaneng Resource Extension Project. This Project led to the development of Cut 8, the $3 billion expansion project designed to prolong the Jwaneng Mine an additional 7 years, ensuring continuous production until at least 2024 and producing 100 million carats. Cut 8 started delivering first ore to plant in 2017. "Cut 9 will be a huge investment by De Beers as it will require a significant capital outlay," mines minister Sadique Kebonang said late on Tuesday. "We should be able to start Cut 9 in the next two to three years." He also said the Botswana government and De Beers have started talks about extending their ten-year marketing and sales agreement, which is due to lapse in 2020.


Sarine Sues Indian Businessmen for Copyright Infringement

Sarine Sues Indian Businessmen for Copyright Infringement

Ahmedabad: Sarine Technologies Group has filed lawsuits in India seeking injunctive reliefs and damages for patent and software copyright infringement, says a press release from the company.


Principles of ALROSA Strategy to Remain Unchanged

Principles of ALROSA Strategy to Remain Unchanged

Moscow: Summarizing the results of the Annual General Meeting of Shareholders, the President of ALROSA Sergey Ivanov announced that the Company is planning to adjust the development strategy, although no fundamental changes are expected. The Company will still be focused on strengthening its leadership in diamond mining and building market strength.


India Enters New Economic Era with Sales Tax Reform

India Enters New Economic Era with Sales Tax Reform

New Delhi: India early on Saturday introduced its biggest tax reform in the 70 years since independence from British colonial rule.


PAC Exports "First" Gold from DRC Proven Conflict-Free

PAC Exports "First" Gold from DRC Proven Conflict-Free

Toronto: "Those 238 grams are believed to be the most rigorously documented export of small-scale gold in history", writes The Globe and Mail. They are referring to 238 grams of gold that Canadian NGO Partnership Africa Canada (PAC) purchased from small-scale mining sites in eastern Congo as part of a pioneering new system of gold exports called "Just Gold", initiated to generate a new form of highly detailed sourcing data.


CAR Denies Diamond Smuggling Report

CAR Denies Diamond Smuggling Report

Bangui: The Ministry of Mines, Energy and Hydraulics of the Central African Republic (CAR) has issued a press release categorically rejecting the allegations contained in Global Witness' report, "Game of Stones", which detailed the NGO's investigation into diamond smuggling from CAR. "The Minister Mr. Léopold Mboli Fatran refutes the broad allegations in the report which is fundamentally based on a few testimonies from those involved in the fraud and which lacks substance in the several claims made against the Central African Republic."


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