ALROSA Group sold rough diamonds in small quantities in the exhibitions organized in the special customs zone of the Indian Diamond Exchange (Bharat Diamond Bourse). The basic volume of rough diamonds sold through the centers of the zero tax rate in Dubai and a low tax rate in Belgium.
While the Indian government is in favor of VAT due to the preliminary assessment of rough diamonds ALROSA wants to equate to the Belgian tax rates with a view to increasing the supply of Indian refiners.
Alrosa supplies about 8% of the diamonds of the total annual imports of India to 153.31 million carats worth 17.08 billion dollars.
"Foreign mining companies are looking for a business environment similar to Dubai and Belgium. Ultimately, rough diamonds, which they offer to customers in the two countries mentioned, are sent to India, as the majority of investors are of Indian origin. We asked the government to reduce the tax to the level of Belgium. The current business environment makes business go to Dubai and Belgium ", - said Sabiasachi Roy (Sabyasachi Roy), executive director of the Export Promotion Council of precious stones and jewelry (Gems and Jewellery Export Promotion Council, GJEPC) local newspaper.
It is reported that the Indian government has taken the first step in this direction by signing a Memorandum of Cooperation (MO) with ALROSA June 1, 2017. This is expected to lead to the creation of a favorable tax structure. India is the largest diamond cutting center in the world, while ALROSA is the largest producer of rough diamonds by volume in carats. Cooperation between them will have a big impact on the global diamond industry, the paper said.
"The Memorandum of Cooperation between ALROSA and GJEPC - the first step towards the creation of a Russian company in India offices. Over time GJEPC urged mining companies to sell rough diamonds directly in the Indian market, and possibly a memorandum of cooperation will be the first step towards achieving this goal, "- said Pravinshankar Pandya, chairman of GJEPC.
Ke Nako Diamond Processing of Zimbabwe next month will start providing services to the diamond cleaning.
ReplyDeleteDiamonds mined in Zimbabwe, in particular in the region Marange (Marange), coated with a special outer layer, because of which it is difficult to determine their true value and performance.
Local newspaper The Herald reports that Ke Nako is one of two companies that are officially Harare have been issued licenses for such activities.
"Our company was established in August last year, and the work we began in late September, the first three months we have carried out only a partial activity, and then began to increase production capacity Our work includes the creation of local diamonds added value..," - said Managing Director company Mutambanengve Barbara (Barbara Mutambanengwe).
She said that Ke Nako can to clean up to 1.2 million carats of diamonds per month.
Ke Nako is currently engaged in cleaning the diamond for Marange Resources.
Diamond mining in Zimbabwe falls, because of what the Ke Nako will be difficult to grow in this segment.
Diamond mining in the country is expected to reach 3.5 million carats in 2015, compared to 5.9 million carats in 2014.
Some reports suggest that the Ke Nako uses only 1% of its capacity.