This Budget To Be A Girl's Best Friend

(via Times News Network) Bharti Jain writes:

With the Union Budget (India) likely to abolish the import duty on cut and polished diamonds (CPDs) and gemstones, the gems & jewellery industry is in for some happy times. Another planned initiative for the industry is the introduction of the presumptive tax regime, which allows for computation of income-tax on the basis of turnover.

The proposal to cut the Customs tariff on import of CPDs and gemstones from 5% to nil follows a recommendation to this effect by the MR Sivaraman committee set up last year to study the rationalization of taxes and tariffs applicable to the forex-earning gems and jewellery sector.

The finance ministry is keen to put the sector – which accounted for nearly 15% of the country’s total exports and 19% of the total world demand for gems and jewellery in 2006 – on a growth trajectory that will see centres like Mumbai emerging as a diamond hub on the lines of cities like Antwerp and Bangkok. To that end, the ministry is said to have decided to reflect in the coming budget the recommendations of the Sivaraman committee on both the customs tariff as well as introduction of presumptive tax.

The presumptive tax regime was introduced in the last budget for the shipping sector, wherein the tax to be paid by companies in the sector would be calculated on the basis of tonnage. The proposal is now set to be replicated for the gems and jewellery sector, mainly to cut down on administrative costs and to encourage output as increased production would mean less taxes. This proposal, according to sources in the government, would be revenue-neutral.

As for the duty cut, the government is keen on seeing the emergence of centres like Mumbai as major diamond hubs, competing with other international diamond destinations like Antwerp and Bangkok. The abolition of duties on CPDs and gemstones, which accounted for 23% of total imports by the gems and jewellery sector, is expected to increase exports of studded and finished ornaments.

Duty cuts may essentially help Indian jewellers, most of whom are in the unorganised sector, cater to the growing demand of bulk buyers from the US and European Union for Indian diamond studded jewellery due to its affordability. Lower import rates will bring India on par with major competitors like Thailand which have zero tariffs on import of gold diamonds and gemstones. At the same time, it will create more jobs as the gems and jewellery trade is highly labour intensive, employing nearly 2 million workers.

More info @ http://economictimes.indiatimes.com/This_Budget_to_be_a_girls_best_friend/articleshow/1601463.cms

How To Create Asterism With Metal Foils Or Plates

Asterism can be produced by engraving metal foils or plates on doublets to imitate popular gemstones with stars. To imitate the phenomena silver, copper, brass or steel may be used as metal backings on doublets by scratching three sets of parallel lines sets of lines or grooves, using emery or carborundum paper. Other variations include scratched metal foils as backings to create four or six-rayed stars or metal foils with a network of engraved or impressed lines, along with a protective third layer of plastic or mineral. A good example is synthetic blue spinel triplet with a middle layer of engraved metal foil.

For well informed buyers, if the gemstones are unset identification is not difficult. The first hint is the color, diffused asterism and physical appearance.

H Stern

H. Stern writes:

At the beginning of the 1950s a small Brazilian jewelry company was making a name for itself in international circles. With beautiful jewels and an audacious marketing strategy for that time, the company was poised to revolutionize the traditional jewelry industry. Behind the rising brand was Hans Stern, a young German émigré’ and a carioca’ (is the native of Rio de Janeiro) at heart. Several years earlier, 1945, at age 22, he had founded a small gemstone trading business in Rio de Janeiro—the beginning of this success story.

More info @ http://www.hstern.net/en/institucional/historia

The Federal Trade Commission’s Guide for the Jewelry, Precious Metals and Pewter Industries

FTC writes:

23.20 Misuse of terms such as "cultured pearl," "seed pearl," "Oriental pearl," "natura," "kultured," "real," "gem," "synthetic," and regional designations.

(a) It is unfair or deceptive to use the term "cultured pearl," "cultivated pearl," or any other word, term, or phrase of like meaning to describe, identify, or refer to any imitation pearl.

(b) It is unfair or deceptive to use the term "seed pearl" or any word, term, or phrase of like meaning to describe, identify, or refer to a cultured or an imitation pearl, without using the appropriate qualifying term "cultured" (e.g., "cultured seed pearl") or "simulated," "artificial," or "imitation" (e.g., "imitation seed pearl").

(c) It is unfair or deceptive to use the term "Oriental pearl" or any word, term, or phrase of like meaning to describe, identify, or refer to any industry product other than a pearl taken from a salt water mollusk and of the distinctive appearance and type of pearls obtained from mollusks inhabiting the Persian Gulf and recognized in the jewelry trade as Oriental pearls.

(d) It is unfair or deceptive to use the word "Oriental" to describe, identify, or refer to any cultured or imitation pearl.

(e) It is unfair or deceptive to use the word "natura," "natural," "nature’s," or any word, term, or phrase of like meaning to describe, identify, or refer to a cultured or imitation pearl. It is unfair or deceptive to use the term "organic" to describe, identify, or refer to an imitation pearl, unless the term is qualified in such a way as to make clear that the product is not a natural or cultured pearl.

(f) It is unfair or deceptive to use the term "kultured," "semi-cultured pearl," "cultured-like," "part-cultured," "pre-mature cultured pearl," or any word, term, or phrase of like meaning to describe, identify, or refer to an imitation pearl.

(g) It is unfair or deceptive to use the term "South Sea pearl" unless it describes, identifies, or refers to a pearl that is taken from a salt water mollusk of the Pacific Ocean South Sea Islands, Australia, or Southeast Asia. It is unfair or deceptive to use the term "South Sea cultured pearl" unless it describes, identifies, or refers to a cultured pearl formed in a salt water mollusk of the Pacific Ocean South Sea Islands, Australia, or Southeast Asia.

(h) It is unfair or deceptive to use the term "Biwa cultured pearl" unless it describes, identifies, or refers to cultured pearls grown in fresh water mollusks in the lakes and rivers of Japan.

(i) It is unfair or deceptive to use the word "real," "genuine," "precious," or any word, term, or phrase of like meaning to describe, identify, or refer to any imitation pearl.

(j) It is unfair or deceptive to use the word "gem" to describe, identify, or refer to a pearl or cultured pearl that does not possess the beauty, symmetry, rarity, and value necessary for qualification as a gem.

Note to paragraph (j): Use of the word "gem" with respect to cultured pearls should be avoided since few cultured pearls possess the necessary qualifications to properly be termed "gems." Imitation pearls should not be described as "gems."

(k) It is unfair or deceptive to use the word "synthetic" or similar terms to describe cultured or imitation pearls.

(l) It is unfair or deceptive to use the terms "Japanese Pearls," "Chinese Pearls," "Mallorca Pearls," or any regional designation to describe, identify, or refer to any cultured or imitation pearl, unless the term is immediately preceded, with equal conspicuousness, by the word "cultured," "artificial," "imitation," or "simulated," or by some other word or phrase of like meaning, so as to indicate definitely and clearly that the product is a cultured or imitation pearl.

More info @ http://www.ftc.gov/bcp/guides/jewel-gd.htm

Chinese Jade Throughout The Ages

By Stanley Charles Nott
Charles E Tuttle Company
1962 ISBN 0-8048-0100-2

Charles E Tuttle Company writes:

Centuries before the Christian era Jade was valued in China as the purest and most divine of natural treasures, and it evoked a reverence accorded to no other material. It was chosen by the Chinese as the vehicle for communication with the unseen powers of the universe, as the emblem of imperial authority, and as a charm against evil influence. From the earliest times it appears to have been credited with medicinal properties. In its ritual character it was believed to have qualities of solar light and so to have relationship with the powers of heaven. Naturally it was thus appropriate as an attribute of the emperor. To the artist craftsman it appealed not only in its range of exquisite colors but also in his hardness, which to him was a symbol of eternity. He had the artistic impulse to master this hardness in such a way as to give the effect of natural fluency. The resulting creations have provided the inspiration for this book.

First published in 1936 and since then a collector’s item of increasing rarity, Chinese Jade Throughout The Ages comprises a review of the characteristics, decoration, folklore, and symbolism of this esteemed mineral that has always held a proud place among the gems of the world. The book presents a full descriptive account of the significance and meaning of the carvings produced in this prized stone by Chinese craftsmen from the earliest times, through the Chou and succeeding dynasties, down to the twentieth century. In the achievement of his task, the author has endeavored to embody the results of study that occupied his leisure moments over number of years: the study of an intriguing and beautiful art that for many centuries has been interwoven into the very life of the Chinese.

The text is illustrated with a magnificent series of more than 350 reproductions in color (39 plats), black and white (110 plates), and line (73 drawings) of choice pieces selected from the chief Asiatic, European, and American collections. Many of these pieces are displayed here for the first time. In addition, the book explains not only the wealth of symbolic designs used in the decoration of jade but also a large number of the marks and devices by which collectors identify the origin and the date of valued pieces.

Gitanjali Partners With Tri-Star Worldwide

(via) National Jeweler Network writes:

Gitanjali USA Inc., a subsidiary of Gitanjali Gems Ltd., announced the purchase of a majority interest in Tri-Star Worldwide LLC, a BHP sightholder, CanadaMark licensee, manufacturer and global distributor of Canadia-brand diamonds and diamond jewelry.

"We are excited to have partnered with Gitanjali, the most vertically integrated diamond house in the world," Tri-Star Chief Executive Officer Oren Sofer said in a statement.

"Gitanjali has extensive global distribution channels. This will help Tri-Star to propel Canadia to new levels not only in our existing markets of North America and the United Kingdom, but also in the Indian and Middle Eastern markets where they have well-established retail networks."

More info @ http://www.nationaljewelernetwork.com/njn/content_display/diamonds/e3ica3d2cfe98b3521902f113461f115762

Diamonds May Have A Future As A Commodity

Here is an interesting article about diamond being perceived as a commodity. It will be interesting to see what De Beers and the industry as a whole is going to do. In my view they don't like diamond being perceived as a commodity. The industry believes diamond is different from other precious stones and metals. But you will never know. Good luck to Martin Rapaport!

(via Market Watch) Myra P. Saefong writes:

What's at stake could be the first-ever futures market for diamond trading. It's impossible, say some industry experts. Others just say it's nearly impossible.

But after more than 20-years, Martin Rapaport, publisher of the Rapaport Diamond Report -- a primary source of diamond prices for the trade, plans to make his second attempt at creating one.

"Not only is it possible to create a futures market, but we are going to do it," he said.

Back in 1982, Rapaport submitted a contract proposal to the New York Commodities Exchange for the
creation of a futures market for diamonds.

It was rejected, he said, because the "diamond industry didn't want price transparency."

Now he's writing up a new proposal, one that he expects will be ready in another year or two, though he won't specify where he'll submit it.

Rapaport's biggest setback, however, may be that he has to first convince the diamond industry that diamonds are, in fact, a commodity.

Diamonds are "definitely a commodity. You buy and sell them for cash," he said. "They're a natural resource with limited supply; they're well defined; they're certified; they're analyzed, graded, tradable around the world."

More info @ http://www.marketwatch.com/news/story/diamonds-may-have-future-commodity/story.aspx?guid=%7b9376AEDE-CB8D-4101-AC8C-CF0015191A65

Two For The Money Movie

Memorable quote (s) from the movie:

Walter Abrams (Al Pacino): You're a lemon. Like a bad car. There is something... there is something inherently defective in you, and you, and you, and me, and all of us. We're all lemons. We look like everyone else, but what makes us different is our defect. See, most gamblers, when they go to gamble, they go to win. When we go to gamble, we go to lose. Subconsciously. Me, I never feel better than when they're raking the chips away; not bringing them in. And everyone here knows what I'm talking about. Hell, even when we win it's just a matter of time before we give it all back. But when we lose, that's another story. When we lose, and I'm talking about the kind of loss that makes your asshole pucker to the size of a decimal point - you know what I mean - You've just recreated the worst possible nightmare this side of malignant cancer, for the twentieth goddamn time; and you're standing there and you suddenly realize, Hey, I'm still... here. I'm still breathing. I'm still alive. Us lemons, we fuck shit up all the time on purpose. Because we constantly need to remind ourselves we're alive. Gambling's not your problem. It's this fucked up need to feel something. To convince yourself you exist. That's the problem.