Lucapa Diamond announced the sale of a batch of 2,946 carats of diamonds from Lulo project (Lulo) in Angola for $ 3.8 million. These trades were the first for the company since the beginning of this year.
Miner, which owns Lulo with Endiama and Rosas & Petalas, said that the stones sold at auction, the average price reached $ 1276 per carat.
"Sold at auction the diamonds were mined until December 31, 2016, and included a stone weighing 75 carats, which was recovered in November, and a diamond weighing 55 carats mined in December," - said CEO Steven Vezeroll (Stephen Wetherall ).
According to him, with Lulo alluvial diamonds sold by the mining company Sociedade Mineira Do Lulo through the Angolan government Sodiam, it was the first purified on a new installation of the deep boil. She started work at Lulo in December last year.
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The newly-elected chairman of the Gem and Jewelery Export Promotion Council (GJEPC) Praveenshankar Pandya and vice chairman of the organization Russell Mehta at a press conference on October 20 reported on the recommendations on the strategy and Policy of a new team of managers of the Council aimed at improving the Indian jewelry sector.
The presentation, shown at the press conference, spoke about the challenges facing the jewelry industry amid low demand for diamonds and jewelry and due to high prices for diamonds, because of which the incomes of Indian companies suffer. For the first time, the import of rough diamonds to India declined by about 26%, the presentation said. The drop in diamonds' diamonds led to unemployment and affected about a quarter of a million families and approximately one million workers. This also led to a drop in business revenue in this segment and an increase in finished goods stocks. According to GJEPC, the diamond sector in India is losing in competition to other centers of cut, especially in view of the cost of lending and because of the unstable taxation policy.
In order to improve the situation for precious stones and the jewelry industry, the new team presented several preliminary budget recommendations for 2016-2017, including the inclusion of precious stones and jewelry in the scheme for the export of goods from India (Merchandise Export from India Scheme, MEIS) ; The introduction of a system of imputed taxation for the Indian diamond industry; The abolition of certain types of taxes for the trade in precious stones and jewelry in the Special Economic Zone; The cancellation of the import duty of 2.5% for the faceting and polishing of colored gemstones; And ensuring the availability of precious metals (gold, silver and platinum) for small and medium-sized exporters.
GJEPC also stressed the importance of legislative amendments that would reflect the modernization of taxation for special customs zones, the draft budget of India for 2016, and other additional policy changes in this segment.
Now GJEPC will strive to create a Special Economic Zone in Surat, as well as Joint Activity Centers. In addition, the Board will develop its subsidiary bank KYC Bank, which should improve the transparency of financial transactions.
The new management team will also make efforts in the area of corporate social responsibility, helping the families affected by drought in the Indian state of Maharashtra.
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