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...

Yesterday

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

Indian Government allows banks to import gold from UAE at concessional duty

10 january 2024

The Government of India has permitted Indian banks to import gold from the United Arab Emirates at concessional duty within a specified annual quantity under the free trade agreement between the two countries. India imports most of its gold requirements. The government has significantly liberalised norms for gold imports from the UAE under the Comprehensive Economic Partnership Agreement to include both qualified jewellers and banks authorised by the Reserve Bank of India.

Indian importers can take 1% duty advantage to import up to 140 tonnes of gold from the UAE in 2023-24. The UAE offered India immediate zero duty market access for export of gold jewellery (the import duty was 5%) in exchange for tariff rate quota for gold, which was fixed at 110 tonnes in 2022-23 and 140 tonnes in 2023-24. Effectively, Indian importers can import UAE gold by paying 14% duty, instead of the prevalent rate of 15%. A 1% concessional duty import of gold made gold cheaper for value addition.

This is one of the major benefits of the free trade agreement, which helped India’s competitiveness in the sector. India and the UAE signed the agreement on February 18, 2022, which came into force on May 1, 2022.

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