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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
India’s September platinum imports increase multifold due to misuse of differential import duties
In July, New Delhi raised the import duty on gold to 15% but kept the tax on platinum imports unchanged at 10.75 %. This allowed importers to explore the loophole in the system. Initially, in August, they imported a small quantity with 3% platinum and got cleared from Delhi customs as a platinum alloy. Later, they brought in more gold as platinum and soon other refiners and trade houses joined them, which lifted India's platinum imports to around 27 tonnes in September 2022 from 1.14 tonnes in September 2021. In entire 2021 India had imported 10.59 tonnes of platinum. As per the report, a Dubai-based bullion dealer told Reuters that Dubai-based gold refiners that were mixing 2% to 5% platinum into gold bars exclusively for Indian buyers.
Surendra Mehta, Secretary at the India Bullion and Jewellers Association (IBJA) suggests that the Indian government should promptly raise the import duty on platinum to 15% to stop this practice of importing gold under the guise of platinum.
Chanda Venkatesh, managing director of CapsGold, a Hyderabad-based bullion merchant said: “India is the world's second-biggest consumer of gold and relies on imports to fulfil most of its requirements. Traders are paying a 4.25% lower duty for gold imports classified as platinum. This is giving them the advantage to offer discounts over rival suppliers."
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished