Wednesday, June 20, 2007
Andean Opals
Blue and greenish blue opals from Peru have been on the market for more than three decades, but today there are also pink opals available that look like angel-skin corals.
Sunset Quartz
Here is an interesting story from Brazil. A vein of milky white quartz with yellow orange areas is marketed as sunset quartz.
Diamonds Homecoming In Botswana
Chaim Even-Zohar writes about The Republic of Botswana + its Diamond Independence Day, some 35 years after diamonds were discovered in the country + its new status as the largest diamond producer of the world by 2009 + the largest distributor of rough diamonds @ http://www.idexonline.com/portal_FullEditorial.asp?TextSearch=&KeyMatch=0&id=27083
Entrepreneurial Spirit
Another interesting perspective from a business pro.
(via Business Standard) Sriniketh Chakravarthi writes:
What they don't teach you at Business School.
It was many summers ago that I walked out of the campus of a well-known business school wearing the label of confidence that results from poring over numerous case studies, taking umpteen quizzes on management tools and techniques, sitting through myriad presentations on the latest management ideas, and living off the ration of instant noodles and chai customary at most B-schools.
In retrospect, my stint at B-school taught me several things, most important of which was the ability to develop a systematic approach to analysis and problem-solving. The B-school milieu also helped me develop skills to manage time, stress and the tyranny of percentile competition.
While B-schools do a great job of imparting hard technical skills, the emphasis on areas such as people management and everyday execution doesn’t seem to be adequate. However, the one key area where B-schools need to get their act together is around nurturing and developing a mindset oriented towards risk, entrepreneurship and creativity.
One indelible B-school memory that underscores the templatised mindset it creates in most students concerns campus placements. The whole ritual borders on mass hysteria. With students unwilling to walk on anything but the beaten path, choices get determined by a systematic caste system of grades and placement-day rankings that show scant regard for individual choices.
Why does this happen? One reason is that the competitive and unidirectional environment in B-schools offers little room for serious thought on making individual choices along various vectors such as the level of responsibility, goals and aspirations, social and family needs and so on.
Nor is there any emphasis on developing value systems around personal success, social role and integrity. Further, the enormity of focus in B-schools on the conventional rules of the game is entirely devoid of specific incentives for risk-taking and creativity.
Contrast that with the reality of the business environment, where big success is far more correlated to the ability to take entrepreneurial risks, even within the context of large organisations.
For instance, the recent successes of both entrepreneurs and managers in emerging businesses such as retail, telecom, BPO and media can be attributed to their ability to take early risks. Successful organisations want entrepreneurial leaders who are able to lead from the front and create value amidst uncertainty. In the context of risk-taking, learning to manage failure is also very important.
Indeed, B-schools produce very good analysts, number-crunchers and consultants. However, their transformation into entrepreneurial managers is tantamount to Darwinian evolution on the corporate planet, contingent on the right environment and, of course, the hunger to survive!
Sriniketh Chakravarthi graduated from IIM, Calcutta, in 1996
More info @ http://www.business-standard.com/common/storypage.php?autono=288100&leftnm=6&subLeft=0&chkFlg=
(via Business Standard) Sriniketh Chakravarthi writes:
What they don't teach you at Business School.
It was many summers ago that I walked out of the campus of a well-known business school wearing the label of confidence that results from poring over numerous case studies, taking umpteen quizzes on management tools and techniques, sitting through myriad presentations on the latest management ideas, and living off the ration of instant noodles and chai customary at most B-schools.
In retrospect, my stint at B-school taught me several things, most important of which was the ability to develop a systematic approach to analysis and problem-solving. The B-school milieu also helped me develop skills to manage time, stress and the tyranny of percentile competition.
While B-schools do a great job of imparting hard technical skills, the emphasis on areas such as people management and everyday execution doesn’t seem to be adequate. However, the one key area where B-schools need to get their act together is around nurturing and developing a mindset oriented towards risk, entrepreneurship and creativity.
One indelible B-school memory that underscores the templatised mindset it creates in most students concerns campus placements. The whole ritual borders on mass hysteria. With students unwilling to walk on anything but the beaten path, choices get determined by a systematic caste system of grades and placement-day rankings that show scant regard for individual choices.
Why does this happen? One reason is that the competitive and unidirectional environment in B-schools offers little room for serious thought on making individual choices along various vectors such as the level of responsibility, goals and aspirations, social and family needs and so on.
Nor is there any emphasis on developing value systems around personal success, social role and integrity. Further, the enormity of focus in B-schools on the conventional rules of the game is entirely devoid of specific incentives for risk-taking and creativity.
Contrast that with the reality of the business environment, where big success is far more correlated to the ability to take entrepreneurial risks, even within the context of large organisations.
For instance, the recent successes of both entrepreneurs and managers in emerging businesses such as retail, telecom, BPO and media can be attributed to their ability to take early risks. Successful organisations want entrepreneurial leaders who are able to lead from the front and create value amidst uncertainty. In the context of risk-taking, learning to manage failure is also very important.
Indeed, B-schools produce very good analysts, number-crunchers and consultants. However, their transformation into entrepreneurial managers is tantamount to Darwinian evolution on the corporate planet, contingent on the right environment and, of course, the hunger to survive!
Sriniketh Chakravarthi graduated from IIM, Calcutta, in 1996
More info @ http://www.business-standard.com/common/storypage.php?autono=288100&leftnm=6&subLeft=0&chkFlg=
MMTC To Set Up Jewellery SEZ
(via PTI) Economic Times writes:
Country's (India) largest gold importer MMTC Ltd has decided to join the SEZ bandwagon by setting up a gems and jewellery park in joint venture with a private player in the tax-free enclave. The company, which is under the Commerce Ministry, has started the hunt for a partner and initiated the process of a feasibility study.
"The location for the park is being finalised and it could come up at one of the sites in Orissa, West Bengal, Karnataka, Haryana or Delhi," a high level source told media.
For conducting the feasibility study, the company is in advanced stage of hiring a consultant who will establish the economic and technical viability of the project. For its gems and jewellery SEZ the company would require at least 10 hectares of land as per the Commerce Ministry guidelines.
As India's premier trader for precious metal, MMTC handles more than 100 tonnes of gold and 500 tonnes of silver. Its precious metals business contributes significantly to the total turnover of over three billion dollars. It also imports platinum, rough diamonds and coloured stones. The company is also planning to float another joint venture for its retail business. MMTC retail activities include franchise outlets, its own showrooms, selling medallions, jewellery and silver under Sanchi brand name.
It plans to launch Sanchi silverware in the export market as well, company sources said.
More info @ http://economictimes.indiatimes.com/News/News_By_Industry/Cons_Products/Fashion__CosmeticsJewellery/MMTC_to_set_up_jewellery_SEZ/articleshow/2125768.cms
Country's (India) largest gold importer MMTC Ltd has decided to join the SEZ bandwagon by setting up a gems and jewellery park in joint venture with a private player in the tax-free enclave. The company, which is under the Commerce Ministry, has started the hunt for a partner and initiated the process of a feasibility study.
"The location for the park is being finalised and it could come up at one of the sites in Orissa, West Bengal, Karnataka, Haryana or Delhi," a high level source told media.
For conducting the feasibility study, the company is in advanced stage of hiring a consultant who will establish the economic and technical viability of the project. For its gems and jewellery SEZ the company would require at least 10 hectares of land as per the Commerce Ministry guidelines.
As India's premier trader for precious metal, MMTC handles more than 100 tonnes of gold and 500 tonnes of silver. Its precious metals business contributes significantly to the total turnover of over three billion dollars. It also imports platinum, rough diamonds and coloured stones. The company is also planning to float another joint venture for its retail business. MMTC retail activities include franchise outlets, its own showrooms, selling medallions, jewellery and silver under Sanchi brand name.
It plans to launch Sanchi silverware in the export market as well, company sources said.
More info @ http://economictimes.indiatimes.com/News/News_By_Industry/Cons_Products/Fashion__CosmeticsJewellery/MMTC_to_set_up_jewellery_SEZ/articleshow/2125768.cms
Imitation Jewellery Continues To Shine Bright
(via Economic Times) Tapash Talukdar writes:
Lalabhai looks happy earning more than Rs 300-400 per day by making imitation jewellery. He, who has been making gold jewellery a year back, has joined an imitation jewellery unit. Thanks to the surging demand of imitation jewellery in the country and few overseas customers.
Like him, a large section of workers working at gold and silver jewellery units, have shifted their focus towards imitation jewellery. The fancy items have not only facilitated better wages for the workers, but also invited more family members into the growing business. Most of the 300-odd units of imitation jewellery, based at Ranchodnagar in Rajkot have found new business opportunities to display their creativity in making various kinds of products like necklace, bangles, chains, bracelets and other regular items. The daily wages for a worker has gone up significantly and has been decided on the basis of the day’s output. On an average, a worker earns Rs 10,000-20,000 per month against their regular income of around Rs 5,000.
Nearly 5,000 workers, including family members, are involved in making fancy items for their regular customers in Maharashtra, Uttar Pradesh, Rajasthan, Madhya Pradesh, Andhra Pradesh and other northern parts of India. More than 40 per cent of the total workforce comprises of women and the number is growing. The workers have been coming from various parts of the country, especially from West Bengal and Uttar Pradesh.
Narendra Mehta of Mahavir Jewellers said: “The product goes through five to six stages of manufacturing which is bound to give employment to as many units”.
More info @ http://economictimes.indiatimes.com/News/News_By_Industry/Cons_Products/Fashion__CosmeticsJewellery/Imitation_jewellery_continues_to_shine_bright/articleshow/2107511.cms
Lalabhai looks happy earning more than Rs 300-400 per day by making imitation jewellery. He, who has been making gold jewellery a year back, has joined an imitation jewellery unit. Thanks to the surging demand of imitation jewellery in the country and few overseas customers.
Like him, a large section of workers working at gold and silver jewellery units, have shifted their focus towards imitation jewellery. The fancy items have not only facilitated better wages for the workers, but also invited more family members into the growing business. Most of the 300-odd units of imitation jewellery, based at Ranchodnagar in Rajkot have found new business opportunities to display their creativity in making various kinds of products like necklace, bangles, chains, bracelets and other regular items. The daily wages for a worker has gone up significantly and has been decided on the basis of the day’s output. On an average, a worker earns Rs 10,000-20,000 per month against their regular income of around Rs 5,000.
Nearly 5,000 workers, including family members, are involved in making fancy items for their regular customers in Maharashtra, Uttar Pradesh, Rajasthan, Madhya Pradesh, Andhra Pradesh and other northern parts of India. More than 40 per cent of the total workforce comprises of women and the number is growing. The workers have been coming from various parts of the country, especially from West Bengal and Uttar Pradesh.
Narendra Mehta of Mahavir Jewellers said: “The product goes through five to six stages of manufacturing which is bound to give employment to as many units”.
More info @ http://economictimes.indiatimes.com/News/News_By_Industry/Cons_Products/Fashion__CosmeticsJewellery/Imitation_jewellery_continues_to_shine_bright/articleshow/2107511.cms
Tuesday, June 19, 2007
Life's Values
(Founder, Infosys Foundation) Sudha Murthy writes:
In life's journey, we all meet strange people and undergo many experiences that touch us and sometimes even change us. If you have a sensitive mind, you will see your life too in the vast storehouse of stories. For me, it is something closest to my heart. Initially, I was a mother to it but somewhere along the line, it has become the mother and I the child.
Useful link:
www.infosys.com
In life's journey, we all meet strange people and undergo many experiences that touch us and sometimes even change us. If you have a sensitive mind, you will see your life too in the vast storehouse of stories. For me, it is something closest to my heart. Initially, I was a mother to it but somewhere along the line, it has become the mother and I the child.
Useful link:
www.infosys.com
India’s Gem Of A Challenge To Belgium & Israel
(via Times News Network) K G Narendranath writes:
A committee comprising the Central Board of Direct Taxes and the commerce ministry is working on a tax regime that will address the complex valuation issues peculiar to the $17.5-billion gems and jewellery industry that thrive on exports.
However, the exercise, which follows a Budget 2007 announcement, is likely to fall short of a complete shift to turnover-based taxation, as was mooted by the commerce ministry and the industry earlier. According to sources, what is being considered is a “simpler tax assessment scheme” which will factor in the reality that it is difficult to lay down standard input-output norms for this industry.
In the last Budget, the import duty on cut and polished diamonds was knocked off, with a view to giving a fillip to the efforts to make India a global diamond trading hub like Belgium and Israel. Currently, even as India’s diamond cutting and polishing abilities are doubtless the best in the world and cost of such processing is one-fifth of diamond-rich South Africa’s, the country’s huge dependence on imports for rough diamond is preventing it from becoming a trading hub.
Also, the present tax on income is onerous because of grossly fallible assessment. The Budget decision to let duty-free import of cut and polished stones has proved to be a shot in the arm for the sector. A shift to turnover-based tax is the next logical step, which would go a long way in developing India as a global diamond trading hub.
Countries which are serious players in diamonds have tax regimes compatible with this industry’s inherent disinclination to stick to standard value addition norms for tax purposes. It is globally appreciated that it is difficult to gauge value addition in diamonds. Dubai and China keep very low taxes on diamonds. Many other countries, including Belgium, which is the largest diamond trading hub with exports of $23 billion a year, have turnover tax instead of income tax on diamond businesses.
There are countries which tax diamond traders’ income based on presumptive valuation to avoid the rigorous and erroneous valuation that could stifle the industry. It is clear that turnover-based taxation addresses valuation issues better than income tax. As India’s policymakers envision the country becoming as global diamond trading hub, they don’t need to worry about a revenue drain. A sudden increase in the industry’s turnover (the sector is growing at a CAGR of 20% even now) would enhance tax revenue.
Even though global diamond companies like Rio Tinto and De Beers operate in India and are keen to tap India’s cheap and highly skilled processing ability, they still don’t augment their investments in great measure, as the country is yet to be a trading hub. Traditionally, the domestic industry has confined itself to processing of rough diamonds imported from Australia and SA into cuts and polished diamonds, and exporting these items to a large number of countries including the US and the EU. Cheaper imports of cut diamonds have now enabled greater product differentiation and augmented trade with or without major value addition.
More info @ http://economictimes.indiatimes.com/Indias_gem_of_a_challenge_to_Belgium__Israel/articleshow/2129877.cms
A committee comprising the Central Board of Direct Taxes and the commerce ministry is working on a tax regime that will address the complex valuation issues peculiar to the $17.5-billion gems and jewellery industry that thrive on exports.
However, the exercise, which follows a Budget 2007 announcement, is likely to fall short of a complete shift to turnover-based taxation, as was mooted by the commerce ministry and the industry earlier. According to sources, what is being considered is a “simpler tax assessment scheme” which will factor in the reality that it is difficult to lay down standard input-output norms for this industry.
In the last Budget, the import duty on cut and polished diamonds was knocked off, with a view to giving a fillip to the efforts to make India a global diamond trading hub like Belgium and Israel. Currently, even as India’s diamond cutting and polishing abilities are doubtless the best in the world and cost of such processing is one-fifth of diamond-rich South Africa’s, the country’s huge dependence on imports for rough diamond is preventing it from becoming a trading hub.
Also, the present tax on income is onerous because of grossly fallible assessment. The Budget decision to let duty-free import of cut and polished stones has proved to be a shot in the arm for the sector. A shift to turnover-based tax is the next logical step, which would go a long way in developing India as a global diamond trading hub.
Countries which are serious players in diamonds have tax regimes compatible with this industry’s inherent disinclination to stick to standard value addition norms for tax purposes. It is globally appreciated that it is difficult to gauge value addition in diamonds. Dubai and China keep very low taxes on diamonds. Many other countries, including Belgium, which is the largest diamond trading hub with exports of $23 billion a year, have turnover tax instead of income tax on diamond businesses.
There are countries which tax diamond traders’ income based on presumptive valuation to avoid the rigorous and erroneous valuation that could stifle the industry. It is clear that turnover-based taxation addresses valuation issues better than income tax. As India’s policymakers envision the country becoming as global diamond trading hub, they don’t need to worry about a revenue drain. A sudden increase in the industry’s turnover (the sector is growing at a CAGR of 20% even now) would enhance tax revenue.
Even though global diamond companies like Rio Tinto and De Beers operate in India and are keen to tap India’s cheap and highly skilled processing ability, they still don’t augment their investments in great measure, as the country is yet to be a trading hub. Traditionally, the domestic industry has confined itself to processing of rough diamonds imported from Australia and SA into cuts and polished diamonds, and exporting these items to a large number of countries including the US and the EU. Cheaper imports of cut diamonds have now enabled greater product differentiation and augmented trade with or without major value addition.
More info @ http://economictimes.indiatimes.com/Indias_gem_of_a_challenge_to_Belgium__Israel/articleshow/2129877.cms
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