Exclusive
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
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products
Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...
30 september 2024
Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices
The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...
23 september 2024
VTB submits proposals to Russia’s Ministry of Finance to stimulate the circulation of polished diamonds in the country
“For banks, it is proposed to establish a zero VAT rate when selling diamonds made from Russian diamonds to individuals. In addition, it is necessary to allow the use of certificates for diamonds from independent laboratories from countries that are not “on the list of unfriendly countries”, such as China, India and Israel,” Andrey Kostin wrote in his letter to the Ministry of Finance.
According to Vedomosti, the document explains that now the legislation allows individuals to make transactions with diamonds in the retail jewelry segment, but the diamond investment market in the country is not developed. It is the presence of VAT in transactions for the sale and purchase of diamonds, as well as the certification of stones according to Russian standards, that hinder the development of the market. Another negative factor is the relatively small diamond-manufacturing capacity in the Russian Federation. Most of the diamond manufacturing capacities are concentrated abroad (about 85% of global diamond manufacturing operations are carried out in India), while, according to market stakeholders, Russian diamond manufacturers have the potential to expand production, the head of VTB said.
According to VTB estimates, these measures will create additional investment instruments for Russian citizens alternative to foreign currency and for Alrosa, the largest Russian diamond manufacturer an additional sales market amid the restrictions imposed by unfriendly countries that supported anti-Russian sanctions because of a special military operation in Ukraine.
Alrosa Deputy CEO Evgeny Agureev told Vedomosti through a representative that the liberalization of the diamond market will give Russians who are looking for tools to invest and save money in the face of currency restrictions and the volatility of financial instruments an alternative physical asset. The company considers VAT on diamonds "one of the key deterrents for potential investors." Agureev draws attention to the fact that within the Alrosa Diamond Exclusive program for private buyers interest in its investment part has grown several times over.