Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

India's DGFT scraps controversial allotments to limited number of applicants

27 june 2023

After scrapping an earlier controversial decision, the Director General of Foreign Trade (DGFT) has reallocated the special gold import quota of 140 tonnes, roughly worth more than $10 bn, to 341 applicants under the India-UAE comprehensive economic partnership agreement. The majority of the approved applicants have been allocated an import quota of 465 kg of gold, which will attract one per cent lesser import duty than usual. The import quota is for the current financial year.

In March, the DGFT had allocated the same quote to just 78 applications, which was termed as a ‘pre-arranged’ deal by the large bullion players. The special gold import quota is part of India's bilateral deal with the UAE, which will allow approved bullion traders to import 140 tonnes of gold with one per cent lesser import duty than the usual under the scheme known as Tariff Rate Quota (TRQ), a mechanism for import of a set quantity of specific products. The India-UAE free trade pact came into effect on May 1, 2022 and allowed for the concessional tariffs on gold.

In April, the Indian Bullion and Jewellers Association (IBJA) had written to DGFT highlighting the lack of transparency in the gold import quota deal. The letter with Zee Business shows that IBJA had objected to the allocation due to non-transparent means of DGFT. After news reports on April 26, the DGFT called for a press conference and said it will initiate fresh quotas.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished