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Hong Kong’s polished diamond imports rose 9 percent year on year to $4.32 billion during ‎the first quarter of 2012, according to data published by the Diamond Federation of Hong ‎Kong, China Limited. By volume, the polished imports fell 27 percent to 5.349 million ‎carats while the average price of the goods increased by 50 percent to $806.89 per carat.  ‎

Imports from India fell 7 percent to $1.77 billion, however, from Israel they increased 11 ‎percent to $6 06.9 million. Polished imports from the U.S. rose 12 percent to $462.6 ‎million and from Belgium they grew 5 percent to $452.9 million. ‎

Hong Kong’s polished exports rose 2 percent to $3.3 million. Net polished imports, ‎representing polished imports less exports, grew 40 percent to $1.02 billion. ‎

Rough imports to Hong Kong increased 11 percent to $320.8 million during the quarter, ‎with the average price on the imports increasing by 7 percent year on year to $145.5 per ‎carat.  Rough exports jumped 46 percent to $433.4 million and Hong Kong’s net rough ‎imports, representing rough imports less exports, fell to a deficit of $112.6 million, from a ‎deficit of $7.5 million a year earlier.‎

Hong Kong’s net diamond account, representing total polished and rough imports less ‎total exports, increased 54 percent to $1.13 billion. ‎

The Indian government has withdrawn the excise duty on branded jewelry and the proposed duty ‎on unbranded jewelry much to the relief of the industry and consumers.‎

‎“The outpouring of sentiment both within and outside the house [of Parliament] indicates that ‎we are not ready for it,” Pranab Mukherjee, the country’s Finance Minister said in the Lok Sabha, ‎India’s lower house of Parliament, on Monday. “As such, the government has decided to ‎withdraw the levy on all precious metal jewelry, branded or unbranded, with effect from ‎March 17, 2012.”‎

Earlier in March, Mukherjee proposed in his federal budget speech to impose a 1 percent ‎excise duty –a type of tax charged on goods produced locally– on unbranded jewelry, among ‎other measures. A 1 percent duty on branded jewelry was already in place. Indian bullion ‎traders and jewelry retailers responded by declaring a strike, which ended after three weeks ‎when Mukherjee agreed to reconsider the proposed tax.‎

Mukherjee also increased the limit on the tax collected at the source (TCS) for buying jewelry in ‎cash to $9,350 (INR 500,000) from the earlier threshold of $3,740 (INR 200,000). However, the ‎minister noted that the threshold limit for TCS on cash purchase of bullion, excluding coins or ‎other articles below 10 grams, shall be retained at INR 200,000. ‎

The announcement was well received by local trade organizations.‎

‎“This is good news for the industry,” said Bachhraj Bamalwa, the chairman of the All India Gems ‎and Jewellery Trade Federation (GJF). “The industry will be able to work smoothly. Our ‎workers and goldsmiths are happy that there will be no hassles now,” ‎

Praveen Khandelwal, the secretary-general of the Confederation of All India Traders (CAIT) and ‎Vimal Goel, the president of the Delhi Bullion & Jewellers Association (DBJA) said in a joint ‎statement that the move is a step forward to mitigate genuine problems of the thousands of ‎jewelry traders in the country and also the millions of other people who are dependent upon ‎the jewelry trade for their livelihood.‎

Mukherjee, however, didn’t mention anything about the customs duty on gold, which he ‎previously proposed should double to 4 percent. He had earlier ruled out any reduction in the ‎import duty on gold as the government seeks to reduce imports due to its current account ‎deficit. ‎

India’s gold imports have increased from $4.1 billion in the country’s fiscal year that ended in March 2002 to $33.8 billion in fiscal year 2011. The ‎increase was due to the significant price increases for the precious metal coupled ‎with rising demand in the country. The Associated Chambers of Commerce and Industry of ‎India (ASSOCHAM) has warned that these levels of imports are a huge burden on the balance of ‎payments and accentuate the current account deficit.‎

Royal Asscher Diamonds will open a 1,200-square-foot pop-up store in Las Vegas at the Shoppes at the Palazzo from May 17 to June 4.    The Royal Asscher Diamonds space will be open Sunday to Thursday from 10 a.m. to 11 p.m., and on Friday and Saturday from 10 a.m. to midnight.  This temporary set-up will feature the brand’s “Shining Stars” collection as well as a diamond tiara designed for the Royal Wedding of Kate  Middleton and Prince William. 

The tiara, which is comprised of more than 85 carats of diamonds, is usually reserved for private clients of Royal Asscher Diamonds, but anyone may view this piece at the brand’s pop-up Las Vegas store from 12 p.m. to 2 p.m. daily.

Lita Asscher, the president of Royal Asscher of America, said, ”What’s important for the Royal Asscher company is that we are not a brand, we are a family. We wish to share our history and our gorgeous diamond cut, which speaks for itself when seen in person. To say it in my grandmother’s wise words: Let’s Celebrate Everyday Moments.”

Platinum Guild International USA (PGI-USA) and designer Rachel Zoe formed a new partnership to promote platinum jewelry. As part of the campaign, Zoe curated a gallery of her favorite platinum bridal designs in a variety of price points and stamped them with “Rachel Zoe Platinum Jewelry Must-Haves” approval.

The gallery of platinum diamond jewelry is posted on TheKnot.com and PGI-USA’s  Facebook page. Zoe will discuss the gallery on various television shows, in magazines and on her Facebook and Twitter pages.

“As a platinum aficionado, overall jewelry connoisseur, and style icon it was a natural fit for us to work with Rachel on this program,” said PGI-USA’s president, Huw Daniel. “She understands the significance of wearing platinum, and will show brides and grooms that stylish platinum rings are available within their budget.”

Zoe added, “Finding your dream engagement ring and wedding bands can be a daunting process. I’m thrilled to share some of my favorite platinum rings in a variety of prices, mixed in with a few gorgeous fashion items that reflect my timeless and classic aesthetic. After all, when you make this exciting purchase you want to invest in platinum because it will last a lifetime and beyond.”