Photograph: Arko Datta/Reuters

Photograph: Arko Datta/Reuters

Diamond trade continues to be money

Canada Goose Outlet IMAGE: India exports polished diamonds worth around $35 billion a year. It is the biggest processor of rough diamonds. Finished diamonds, like this masterpiece at Sotheby’s auction house, could well have canada goose uk black friday come from India. Photograph: Hannah McKay/Reuters. Canada Goose Outlet

canada goose clearance With the diamond industry going through a rough patch and two of its big names Mehul Choksi and Nirav Modi accused of fraudulent activities, the issue of illegitimate channels such canada goose factory sale as hawala and round tripping of diamonds are again gaining prominence. canada goose clearance

Canada Goose Parka According to the Gem Jewellery Export Promotion Council data, in 2017 18 till January, India exported rough diamonds worth $1.175 billion against $1.5 billion in the full year 2016 17. Canada Goose Parka

canadian goose jacket India imported polished diamonds worth $1.88 billion in the first 10 months this year. canadian goose jacket

buy canada goose jacket cheap IMAGE: India imported polished diamonds worth $1.88 billion in the first 10 months Canada Goose online this year. This 709 carat diamond (above) found in Sierra Leone and known as the Peace Diamond was sold to Graff Diamonds. Specialists there will determine the canada goose store best way to turn this rough diamond into a polished gem and it very well might come to India for polishing since India polishes some of the finest diamonds in buy canada goose jacket cheap the world. Photograph: Nir Elias/Reuters. buy canada goose jacket cheap

buy canada goose jacket When diamonds are sent abroad as consignment sales (such sales are treated as export if they are sold), some unsold ones return. Even the proportion of return consignments has doubled over the past two years, Canada Goose Jackets according to an industry executive. buy canada goose jacket

Canada Goose online An industry source said: diamond trade continues to be a conduit for laundering money. Canada Goose online

canada goose coats With the government Canada Goose Parka increasing the import duty on polished diamonds, first to 2.5 per canada goose coats on sale cent and then to 5 per cent, the modus operandi keep changing and non uk canada goose outlet standardisation of prices has introduced distortions into the trade. canada goose coats

Canada Goose sale Some players use coloured gem stones to launder money because they are difficult to value. In canada goose uk shop the case of rough diamonds, on which there is no import duty, the customs department is not concerned with what Canada Goose sale

Canada Goose Jackets comes in. Canada Goose Jackets

The GJEPC, which is under the commerce ministry, and compiles data and oversees exports, says the round tripping of diamonds has become history after the import duty was increased canada goose black friday sale to 2.5 per cent.

canada goose deals In 2012, council suggested imposing a duty of 2.5 per cent on polished diamond imports, and that stopped round tripping, said the council spokesperson. canada goose deals

IMAGE: When diamonds are sent abroad as consignment sales (such sales are treated as export if they are sold), some unsold ones return. Even the proportion of return consignments has doubled over the past two years, according to an industry executive. An industry source said: diamond trade continues to be a conduit for laundering money. Photograph: Arko Datta/Reuters.

He said: of polished diamonds import canadian goose jacket are nothing but goods returned and buy canada goose jacket are up to 10 per cent canada goose coats of the purchases. This is a normal operational hazard and our industry is no exception.

The magnitude of this is difficult to establish but that has always been a grey area for the diamond trade.

canada goose In 2015 16, return consignments accounted for 10 per cent of what was exported. In 2017 18 canada goose outlet till January Canada Goose Coats On Sale they cheap Canada Goose reached 23 per cent. canada goose

cheap Canada Goose Silver jewellery exports rose from $2 billion in 2014 15 to more than $4 billion canada goose clearance in 2016 17. An industry insider said: jewellery is studded with diamonds. cheap Canada Goose

canada goose store IMAGE: canada goose clearance sale According to the Gem Jewellery Export Promotion Council data, in 2017 2018 till January, India exported rough diamonds worth $1.175 billion against $1.5 billion in the full year 2016 2017. In the picture: A Christie’s member of staff displays ‘The Orange’, the world cheap canada goose uk biggest canada goose uk outlet orange diamond, which weighs 14.82 carats. Photograph: Denis Balibouse/Reuters. canada goose store

canada goose clearance sale Because of Canada Goose sale difficulties in valuing such studded jewellery, this https://www.gooseyou.com kind of diamond studded Canada Goose Outlet jewellery is exported to Dubai or Hong Kong and then melting silver and taking out diamonds have been common practice. uk canada goose This route is often used for hawala transfers. canada goose clearance sale

canada goose black friday sale Surendra Mehta, national secretary to the Indian Bullion and Jewellers Association, said you continue to nourish any industry with zero import duties and zero indirect tax for so long in spite of huge profit margins, there is bound to be fraudulence canada goose black friday sale.

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