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

Vladimir Pilyushin: The jewelry market is not stand-alone and moves by the same laws as other markets

Vladimir Pilyushin is editor-in-chief of Russian Jeweler, a leading magazine about the jewelry industry in Russia. He told Rough&Polished about his view on the evolution of the jewelry industry in Russia and touched upon some of its problems.

16 september 2024

Indian G&J exporters hail govt’s move to allow TRQ holders to import gold through IIBX

24 november 2023

Gems and jewellery exporters on Nov 21, welcomed the government’s move to allow valid licence holders to import specified quantities of gold at concessional customs duty from the UAE under the free trade agreement through bullion exchange IIBX.

The provision of importing gold through IIBX (India International Bullion Exchange) against the TRQ (tariff rate quota) and obtaining physical delivery through IFSCA-registered (International Financial Services Centres Authority) vaults in SEZs will reduce the transaction costs and enhance the ease of doing business. This will also help in creating a vibrant gold market in India and boost the exports of value-added jewellery products.

On Nov 20, the Directorate General of Foreign Trade (DGFT), in a notification, said that valid India UAE TRQ holders as notified by IFSCA can import gold through IIBX against the TRQ and can obtain physical delivery of the same through IFSCA-registered vaults located in SEZs as per the guidelines prescribed by the IFSCA.

The India-UAE free trade agreement, which came into force in May 2022, provides one per cent duty concessions to domestic importers on a specified quantity of gold under TRQ provisions of the pact.

DGFT provides TRQ certificates to companies for imports and they are also notified by IFSCA.

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