Describing the current period as one of the most difficult in the history of the Kimberley Process, World Diamond Council President Eli Izhakoff has urged all KP participants to correct past mistakes and to return to the core principles that characterized the Kimberley Process when it was established. Speaking to the KP Intersessional Meeting taking place in Kinshasa. Mr. Izhakoff said that the system is about "humanity, not politics." The following is the full text of his address:

The World Federation of Diamond Bourses (WFDB) called on the members of the Kimberley Process to resolve their internal disagreements on the issue of rough diamond exports from Zimbabwe, and without any further delay take the essential and courageous decision to allow Zimbabwe to export rough diamonds from all diamond mining areas in the country, including Marange.

As has been widely reported, Mr. Mathieu Yamba, Chair of the Kimberley Process, recently issued a statement that defers discussion on unresolved issues to the Working Group on Monitoring, but in the meantime permits Zimbabwe to export rough diamond shipments from the two official concessions in the Marange region, subject to oversight by the appointed Monitor.
 

In a very surprising move, the Union Government has imposed a 1% levy of Excise Duty on 'Branded' jewellery.  This levy was originally introduced in 2005.  The same was opposed and discussions had between the GJF and the Central Government of India in the years 2005-2006. 

As has been widely reported, Mr. Mathieu Yamba, Chair of the Kimberley Process, recently issued a statement that defers discussion on unresolved issues to the Working Group on Monitoring, but in the meantime permits Zimbabwe to export rough diamond shipments from the two official concessions in the Marange region, subject to oversight by the appointed Monitor.
 
The WDC understands that a number of KP participant countries, including the United States, Canada, Israel and the European Union are seeking clarity on procedural issues surrounding this release and have indicated that exports should not be permitted until these issues have been explained and resolved.
 
While the World Diamond Council welcomes and applauds Mr. Yamba's efforts to bring an end to the apparent impasse that currently exists regarding the status of production and stocks from Marange, the WDC advises members of the international diamond industry to refrain from trading in and exporting goods from the region until the situation and the status of these goods becomes clearer.
 
In the meantime, the WDC would like to assure all parties involved that it remains at their disposal to lend assistance and contribute to any initiative that will resolve outstanding issues, while protecting the credibility of the Kimberley Process.
 

According to a press release, the Israeli Diamond Industry, represented by the Israel Diamond Institute (IDI), the Israel Diamond Exchange (IDE) and the Israel Diamond Manufacturers Association (IsDMA), has exchanged official letters of cooperation with the Panyu People's Government. This came at the culmination of a visit by a senior delegation from Panyu to the Israeli Diamond Industry.

In a very surprising move, the Union Government has imposed a 1% levy of Excise Duty on 'Branded' jewellery.  This levy was originally introduced in 2005.  The same was opposed and discussions had between the GJF and the Central Government of India in the years 2005-2006. 

A 12-member delegation representing GJF met with the Hon. Finance Minister Shri Pranab Mukherjee recently in connection to this.  The Government has accepted that, the duty will only be levied strictly to 'Branded' jewellery as stated in the law. The Government's intention is that this will not be applied to unbranded jewellery products.

To clear the definition of the 'Brand', GJF is still closely working with the Government to issue a separate notification to ensure any unbranded products are not forcefully levied.  The GJF awaits the Government's notification in this regard. Till such time all establishments that are truly sell 'Branded' products only may apply EXCISE DUTY.

Federation of Indian Chambers of Commerce & Industry (FICCI) – Western Regional Council is hosting a round table interaction meeting with business leaders representing FICCI member companies from various sectors. The meeting is being organized to create a one point thought sharing hub for capturing industry reaction on the Union Budget 2010-11 by media representatives.

The confirmed panelists include Vasant Mehta, Chairman, GJEPC, Vinod Mittal, MD, Ispat Industries, Prasad Kapre, Co-Chair, FICCI-Gems and Jewellery, Vedanta Jatia, Director, Indian Institute Jewellery,
Suresh Kotak, Kotak and Co, Nanik Rupani, Chairman, Neutron Electronic Systems Pvt. Ltd, Bhavna Doshi, Partner, KPMG, B. C. Jain, Immediate Past Chairman, Indian Institute of Chartered Accountants, Ashank Desai, Founder Chairman, Mastek Ltd, Meenal Mohadikar, Immediate Past President MACCIA, Manoj Patodia, Director, Prime Textiles, Prasun Gajri, CIO, HDFC Standard Life, R. Kannan, Head Corporate Performance, Hinduja Group, Vibha Padalkar, CFO, HDFC Stardard Life, Prem Kothari, MD, Fine Jewellery Mfg. Ltd, Paresh Shah, P&A Jewellery and Satyajit Kanjilal, Founder & CEO, Forexserve.
            
Representatives from MCX, Charak Pharma, New Silk Route, Gitanjali, Bharti Axa Life are also likely to join the meeting.

This interactive meeting promises to give a good opportunity to media representatives to capture reactions of various prominent business leaders from Indian industry at one single place.

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