Petra Diamonds has decided to charge an additional 2.041% levy on all online rough diamonds purchases by its India-based customers.
This, it said in a memo to its clients, was necessitated by a recent decision by the Indian government to introduce a new 2% equalisation levy.
The levy applies to all oversees online transactions made by Indian residents.
“Petra has taken the stance to implement the 2.041% levy with immediate effect and this additional levy will be raised on all relevant sales transactions invoiced to Indian customers…,” said company chief financial officer Jacques Breytenbach.
Petra said it will keep the money levied separately due to uncertainty that still exists on the equalisation levy.
However, the company will make a refund to the rough buyers if it turns out that the levies are not payable to the Indian government.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Exclusive
Mmetla Masire: Okavango to resume diamond sales in January
Botswana’s state-owned Okavango Diamond Company (ODC) is set to resume diamond sales in January 2025, whether the market remains depressed or not. ODC managing director Mmetla Masire told Rough & Polished’s Mathew Nyaungwa on the side-lines of...
Today
Helga Pombal: Angola's Stardiam finds solution to the threat posed by lab-grown diamonds
Stardiam manager of production Helga Pombal told Rough&Polished's Mathew Nyaungwa on the sidelines of the Angola International Diamond Conference that lab-grown diamonds are creating a parallel market for more accessible stones, combined with lower...
11 november 2024
Ellah Muchemwa: ADPA to launch Africa's first diamond mining standard next year
The African Diamond Producers Association (ADPA), which is based in Luanda, Angola, and represents the interests of mainly African diamond producers and those with the potential to produce diamonds, will next year launch the Sustainable Development...
04 november 2024
Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future
Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...
28 october 2024
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
