The tax regimes in the four major diamond midstream trading centers - Antwerp, India, Dubai and Israel - have been the topic of great discussion and significant change in recent years. The beginning of this year saw the tax policies in both Belgium (Antwerp) and Israel (Tel Aviv) change. These countries levied a minimum tax on diamond companies, which was levied as a percentage of the turnover. While this was termed as a “turnover-based tax”, it was never truly a turnover-based tax.
In light of market conditions, Russian miner Alrosa has reduced the prices of its rough goods by 6% since the start of 2015, but it also predicts that the market will improve by the end of this year. The comments were made by recently appointed president Andrey Zharkov. He told Reuters that Alrosa cut rough diamond prices by 3% in February and by the same amount in May.
"I think we saw the same going on with De Beers' sight prices, according to the information we have," Zharkov told the news agency after speaking at the 2015 Presidents Meeting in Tel Aviv.
Mizrahi Tefahot, a Tel Aviv-based bank, raised its lending to the Israel diamond industry by approx. 25% in the past year, CEO Eldad Fresher told Rapaport News. “About a year ago, we decided to grow our presence in the diamond industry in Israel,” he said. “We expanded our credit lines and took on new clients because we believe in this sector.” Fresher was speaking at a joint session of the WFDB and the IDMA at the Presidents Meeting in Tel Aviv.
World Federation of Diamond Bourses (WFDB) President Ernie Blom gave a wide-ranging review of the challenges facing the global diamond industry at the formal opening of the 2015 Presidents Meeting in Tel Aviv on Monday. Among the issues that he spoke about were falling profitability and declining bank credit, synthetic stones, overgrading, and generic diamond marketing. "These are complicated times for the diamond industry across the world.
The World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA) started their discussions at the 2015 Presidents Meeting in Tel Aviv on Sunday. The formal opening session of the Presidents Meeting will take place on Monday.
A delegation of participants in the 2015 Presidents' Meeting of the World Federation of Diamond Bourses and the International Diamond Manufacturers Association will be hosted at the Prime Minister's official residence in Jerusalem at the close of the three-day event on June 16.
Andrey Zharkov, the newly appointed President of the Russian mining company ALROSA, the world's largest diamond producer by volume, will lead an ALROSA delegation to the 2015 Presidents' Meeting in Tel Aviv next week, in his first public appearance since taking over at the diamond producer in April.
"I look forward to visiting Israel for the first time in my capacity as ALROSA president. It is a grand opportunity to take the pulse of the diamond industry, to meet the global diamond industry leadership and to confer with our Israeli counterparts," he commented.
De Beers Group CEO Philippe Mellier will receive an interesting reception at the biennial meeting of the World Federation of Diamond Bourses and the International Diamond Manufacturers Association at the June 14-16 meeting given the frustration in the global trade at high prices which have squeezed margins. Mellier's speech is entitled: 'Perspectives on the diamond industry'.
World Federation of Diamond Bourses (WFDB) President Ernie Blom has expressed his support for the industry-wide debate on the current problem of overgrading and said it will be one of the topics on the agenda of the upcoming President’s Meeting in Tel Aviv from June 14 to 16.
Antwerp-based VLM Airlines intends to connect the Antwerp Airport with Moscow and Tel Aviv by the third quarter 2016. Recently appointed CEO Arthur White said specifically that his goal was to respond to the needs of VLM's diamantaire clients.