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India Trade Lobbies for Lower Taxes
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The Indian diamond industry has urged the government to cut taxes and lift red tape ahead of the country’s annual Union Budget, arguing that exports could double under the right conditions.The Gem...
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Financial-Legal
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Nov 01, 2020
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Rapaport News
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Indian E-Tax ‘Doesn’t Apply to Rough Sales’
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Rough trading does not incur India’s new e-commerce tax, the country’s Gem and Jewellery Export Promotion Council (GJEPC) confirmed after meeting with finance minister Nirmala Sitharaman.India introduced the equalization levy...
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Financial-Legal
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Aug 27, 2020
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Rapaport News
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Israel Bourse Calls for Tax-Free Trading Zone
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The Israel Diamond Exchange (IDE) has urged the government to establish an international free-trade area in the bourse complex, arguing that the tax-free zone would attract foreign companies and boost the local industry.The...
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Financial-Legal
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Jul 28, 2020
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Rapaport News
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India Extends Deadline for Duty-Free Reimports
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The Indian government has granted diamond companies extra time to ship polished goods back to the country without incurring customs duty.At present, reimports are subject to the 7.5% levy once the diamonds have...
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Polished Markets
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Jul 12, 2020
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Rapaport News
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India Trade Calls for Lower Import Tax
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India’s diamond sector has asked the government to reduce import duties for polished, arguing that a lower rate would boost the country’s position as a trading hub.The Gem & Jewellery Export Promotion Council (GJEPC)...
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Polished Markets
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Jul 08, 2020
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Rapaport News
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Belgian Banks Postpone Loan Repayments
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Belgium has introduced emergency financial concessions to help companies survive the current downturn, offering businesses extra time to repay loans and meet tax obligations.The government and banks have agreed to postpone repayments of existing...
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Financial-Legal
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Mar 30, 2020
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Rapaport News
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India Eases Trade’s Financial Burden
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India’s government has approved concessions to ease the financial situation for diamond and jewelry businesses after the country went into lockdown to curb the spread of the coronavirus.The finance ministry raised the minimum...
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Financial-Legal
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Mar 25, 2020
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Rapaport News
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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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