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India Hikes Import Tax on Precious Metals
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India’s Gem & Jewellery Export Promotion Council (GJEPC)has expressed disappointment with the nation’s latest Union Budget, adding that failure to reduce high duties on gold and diamonds will result in furtherjob losses.The council...
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Financial-Legal
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Jul 07, 2019
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Rapaport News
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Jewelers Cheer Online-Sales-Tax Ruling
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US states can now collect sales taxes from online retailers,the nation’s Supreme Court has ruled.The court overturned a 1992 decision that exempted companiesfrom the duty if they didn’t have a physical presence in the state....
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Retail
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Jun 24, 2018
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Rapaport News
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GJEPC Predicts Strong Year for Jewelry
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India’s gem and jewelry exports will grow by adouble-digit percentage this year, Pramod Agrawal, the newly elected chairman ofthe Gem & Jewellery Export Promotion Council (GJEPC), predicted this week. The high...
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Polished Markets
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Feb 13, 2018
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David Brough
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Dubai Trade Warns Against Diamond Tax
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The introduction of value added tax (VAT) on loosediamonds would strongly jeopardize growth opportunities in the United ArabEmirates (UAE), Dubai’s diamond leadership warned on Monday.“The possible cost implications of a VAT introduction forUAE traders are huge,”...
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Polished Markets
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Oct 17, 2017
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Avi Krawitz
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India’s Titan Upbeat on Jewelry Sales
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Titan Company reported strong jewelry sales in the firstfiscal quarter and said it expects to benefit from India’s new tax system.The jewelry division saw 50% year-on-year growth during theperiod running up to the Akshaya Tritiya...
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Retail
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Jul 05, 2017
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Rapaport News
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India’s New GST: What You Need to Know
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India’s much-anticipated goods and services tax (GST)took effect on July 1, drawing both praise and criticism from the diamond andjewelry industry. The tax — which Prime Minister Narendra Modi dubbed the “goodand simple...
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Financial-Legal
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Jul 04, 2017
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Joshua Freedman
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Surat Traders Strike over New Tax
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Diamond traders in India observed a one-day shutdown onSaturday in opposition to a new tax on the industry, according to local reports.Several thousands of traders and brokers joined the strikein Surat, a diamond-manufacturing hub in the state of Gujarat, following a callby...
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Financial-Legal
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Jun 18, 2017
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Rapaport News
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India Relaxes Tax on Jewelry-Making
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India’s government has reduced the tax rate on diamond andjewelry manufacturing to 5% following an earlier announcement that it would chargeindustry members an 18% levy, the Gem & Jewellery Export Promotion Council(GJEPC) said Monday.The tax applies...
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Financial-Legal
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Jun 13, 2017
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Rapaport News
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Alrosa, India Agree to Tighten Relationship
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Alrosa and India’s Gem & Jewellery Export PromotionCouncil (GJEPC) have inked an agreement to let the Russian miner sell diamondsin India at preferential tax rates.A memorandum of cooperation (MoC) between the two parties,signed in the...
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Rough Markets
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Jun 05, 2017
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Rapaport News
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India Trade Body Attacks Tax on Rough
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India’s Gem & Jewellery Export Promotion Council (GJEPC)has criticized the government’s decision to tax rough diamonds, claiming itwill damage the nation’s manufacturing sector.The government will introduce a 0.25% levy on the category aspart...
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Retail
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Jun 04, 2017
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Rapaport News
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Israel Gives Trade Time to Come Clean
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Diamond companies in Israel have been granted another twomonths to voluntarily disclose their assets, inventory and unreported income tothe Tax Authority.Firms have until the end of February to submit the fullreport of disclosures, as long as they...
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Financial-Legal
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Jan 01, 2017
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Rapaport News
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Israel Diamond Trade Signs Deal with Tax Authority
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Israel’s diamond industry reached an agreement with authorities on a new law that exempts traders from paying taxes if they incur a loss.One of the outcomes under the new regime is that diamond companies will be taxed on profit...
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Financial-Legal
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Dec 19, 2016
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Rapaport News
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Firestone Tax Credit Enables Profit
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Firestone Diamonds said a $22.6 million tax credit helpedthe company post a profit in fiscal 2016.The company swung to a net income of $13.6 million over the12 months to June 30, resulting from the recognition of tax credits...
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Mining
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Nov 02, 2016
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Rapaport News
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New Law Likely to Triple Belgium Trade's Tax Bill
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Belgium’s diamond trade can expect to pay at least three times more tax per year as a new fiscal regime is set to be passed into law by the end of the year.Under the proposed ‘Carat Tax,’ the tax...
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Financial-Legal
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Aug 02, 2016
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Rapaport News
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India Eases Rules on Controversial Excise Tax
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The Indiangovernment relaxed rules on a 1-percent excise duty on jewelry that led to asix-week strike earlier this year.Under thenew terms, businesses with revenue of up to $2.2 million (INR 150 million) areexempt from the tax, whereas...
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Financial-Legal
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Jul 28, 2016
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Rapaport News
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Tanishq Gains in Indian Gold-Buying Season
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Titan Company said its Tanishq brand probably increased itsmarket share during a crucial part of the Indian jewelry calendar, as salesgrew while competitors faltered.The Akshaya Tritiya weekend in May, traditionally a strong time forbuying gold,...
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Retail
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Jul 06, 2016
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Rapaport News
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India Tax Changes: One Win, One Defeat for Jewelers
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The Indian government reversed a decision to broaden theapplication of a jewelry tax but is standing by a new stringency requiring morecustomers to present identity cards in shops.Tax collected at source, a 1-percent levy paid by customers,will only apply to jewelry purchases of $7,422...
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Financial-Legal
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May 25, 2016
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Rapaport News
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Blue Nile Terminates South Dakota Business Over Tax Law
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Blue Nile has stopped shipping to South Dakota in response to an“unconstitutional” new state law that requires online retailers to collectsales tax. “South Dakota’s law is a direct contradiction to federal law,” a Blue Nile spokesperson said in a statement...
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Financial-Legal
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May 05, 2016
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Rapaport News
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Indian Jewelers’ Strike Ends Ahead of Gold-Buying Festival
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A strike by Indian jewelers to protest a tax has been calledoff permanently, according to the All India Gems & Jewellery TradeFederation (GJF). At least 90 percent of jewelers from around the country returnedto work April 13, but...
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Financial-Legal
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Apr 17, 2016
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Rapaport News
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Indian Jewelers Take Two-Week Pause from Strike
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Indian jewelers suspended their strike against a 1-percent taxto eke out a two-week period in which they can open for business ahead of an upcomingfestival and amid signs the government won’t budge on the new excise...
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Financial-Legal
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Apr 13, 2016
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Rapaport News
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