Rapaport News


Rough Markets


Advanced search
Latest Articles
Rough Markets
Polished Markets

Petra Diamonds Adds 2% Levy for Indian Clients

Amount covers new e-commerce tax that might apply to miner’s rough sales.
Aug 26, 2020 10:26 AM   By Joshua Freedman
Print Print Facebook Facebook Twitter Twitter Share Share

Petra Diamonds will charge Indian customers an additional 2% to cover a new e-commerce tax that might apply to the miner’s rough sales.

India introduced the equalization levy on April 1, taxing all overseas e-commerce operators’ sales of goods and services in the country. Petra is still trying to establish whether the tax affects its sales to Indian clients through its online bidding platform, chief financial officer Jacques Breytenbach said Monday in a note to clients.

As a result, the company will demand an extra 2.041% from Indian buyers for all online transactions, with immediate effect. It will keep those amounts in escrow until it clarifies whether it has to pay them to the government, and will refund customers if it transpires that the levy does not apply, the company added.

Image: Rough diamonds weighing 424.89 carats and 209.9 carats that Petra Diamonds recovered in 2019. (Petra Diamonds)
Tags: e-commerce, equalization levy, India, Joshua Freedman, petra, Petra Diamonds
Similar Articles
Mountain ProvinceRough Demand Jumps at Mountain Province Sale
Nov 03, 2020
Mountain Province recorded its largest open-market sale to date as rough-diamond...
De Beers Lets Sightholders Defer Smaller Goods
Letšeng Prices Exceed Pre-Pandemic Levels
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us