According to the latest government figures cited by Rapaport portal, polished diamond imports to the US rose by 2.3% in May year on year and amounted to $ 3.09 billion. This month, the incoming supply are often the highest, because the stones are coming at the June exhibition in Las Vegas.
Import of diamonds by weight increased by 1.3%, to 1.4 million carats, while their average price rose by 1%, to $ 2263 per carat.
Polished exports fell by 1.1%, to $ 1.37 billion, respectively, net polished imports increased by 5.1%, to $ 1.72 billion.
Diamond imports increased more than six-fold, to $ 132 million, and rough exports doubled, to $ 36 million. Net rough imports totaled $ 96 million, compared to $ 1 million a year ago.
The balance of US diamond trade, which is calculated as the difference between total imports and exports of rough and polished diamonds jumped 11% to $ 1.82 billion.
In the first five months of this year, polished imports fell by 0.4% to $ 10.49 billion and exports decreased to $ 3.09 billion for 1.2% to $ 7.4 bn. Net polished imports increased by 1.5%.
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Indian Association of gold and jewelers (India Bullion and Jewellers Association Ltd, IBJA) plans to push the development of the government's scheme of monetization of gold in India, to which the Prime Minister announced before the festival of Diwali.
Mohit Cambodia (Mohit Kamboj) President IBJA, said: "We propose to create in 1000 the centers for the promotion of schemes of gold monetization using the network of jewelry stores, our members they will be in place to check the gold sample, which users would like to put on the account as well. will take the gold from the population. " IBJA expect government approval for the implementation of these plans, he said.
Cambodia noted that traders, jewelers and consumers need to learn how to conduct operations registered. "The government is trying to start to keep a record of off-market transactions is our duty to follow this example, instead of developing the underground economy.", - he says.
In this context, it also welcomes the reduction of the limit established for the provision of personal taxpayer identification number TIN (Permanent Account Number, PAN) when buying jewelry.
Cambodia said: "The provision of the personal tax number is necessary even in the provision of health services, so consumers will have to get used to the new rules."
According to him, the demand for gold in India has not decreased, despite the introduction of a 10 percent import tax, and therefore it will not be affected by the new rules associated with the PAN.
"The economy is growing without the participation of the informal sector - a contribution to the future generations", - considers the head of IBJA.
IBJA appealed to the Government of India with the request to reduce the import duty on gold
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