Stone360

CBIC Approves Customs House at Surat Diamond Bourse

The Central Board of Indirect Taxes & Customs (CBIC) has approved the establishment of a customs house at the Surat Diamond Bourse (SDB)

According to a statement issued by SDB, all necessary formalities were finalized on Tuesday. The customs house, which occupies an area of 40,000 square feet, is now ready for use at SDB.

"The CBIC notified SDB under the Customs Act. Furthermore, SDB was launched as the custodian on the Indian Customs EDI System (ICES) platform," the SDB statement said.

As Surat International Airport is not authorized for international cargo, SDB requested space allocation for a strongroom from Mumbai International Airport Ltd and sought transshipment approval from Mumbai Customs. On Tuesday, the customs commissioner of Mumbai approved SDB as a customs custodian. Once customs clearance is granted at SDB, gem and jewellery consignments can be sent directly to Mumbai airport, informed SDB officials.

Lalji Patel, vice-president of the SDB committee, stated, "The customs house approval will make it easier for the diamond traders to import and export from SDB. This will give a major boost to the diamond business of the city. It used to take a couple of days to process via Mumbai."

Additionally, the Gem and Jewellery Export Promotion Council (GJEPC) has established a Special Notified Zone (SNZ) at SDB. This initiative aims to further facilitate the direct procurement of diamonds brought to the SNZ for viewing by mining companies. According to recent budget announcements, the Safe Harbour Rule will allow foreign companies to sell rough diamonds in SNZ at globally competitive prices.

This development is expected to significantly enhance the efficiency and ease of doing business for diamond traders in Surat, positioning the city as a major hub in the global diamond industry.

Lucapa Uncovers 176-Carat Diamond at Lulo

Lucapa has announced the discovery of its fifth diamond exceeding 100 carats this year at the Lulo alluvial mine in Angola

This latest find, a 176-carat Type IIa diamond, marks the 45th diamond over 100 carats and the eighth largest since the Australian mining company began operations at the site in January 2015.

Just recently, at the end of May, Lucapa revealed the recovery of a 195-carat Type IIa diamond. The largest diamond ever recovered at Lulo remains the 404-carat Type IIa diamond, discovered in February 2016.

Earlier this month, Lucapa resumed its search for the kimberlite sources of the diamonds currently being recovered at Lulo, identifying 23 kimberlites for bulk sampling in the ongoing exploration phase.

Nick Selby, the company's managing director and CEO, remarked, "The recovery of this 176-carat diamond further underscores the massive potential of the kimberlite province where we are concentrating our exploration efforts to uncover the source(s) of these magnificent gems."

"The diamond, as evidenced by its sharp, angular edges, appears not to have traveled far," he added, highlighting the significance of the discovery.

Ariana Grande Named Swarovski's New Brand Ambassador

Austria-based crystal and jewellery company Swarovski has announced that US pop sensation Ariana Grande, aged 31, will be the face of its upcoming holiday campaign

The Grammy-winning singer, songwriter, and actress has been chosen by Swarovski for her powerful influence on inclusivity and empowerment.

Swarovski, which reported a significant sales increase of $1.99 billion in 2023, hailed Grande as a "true style icon" and emphasized her ability to represent their values of creativity and unapologetic self-expression.

“I am thrilled to be Swarovski’s Brand Ambassador,” said Grande in a statement. “It’s an honour to represent a house that shares my passion for creativity, pushes the boundaries beyond the world of jewellery, and promotes values of unapologetic self-expression. I cannot wait to embark on this journey and to inspire others to embrace their own unique sparkle.”

The collaboration will commence with a holiday campaign later this year. Swarovski's global creative director, Giovanna Engelbert, expressed enthusiasm about the partnership, stating: “Ariana’s charisma and positive energy resonate with Swarovski’s essence of bringing joy to the world and I am thrilled that she is joining us as Brand Ambassador.”

Grande's appointment signifies Swarovski's commitment to blending celebrity influence with their brand values, aiming to captivate a global audience with their upcoming campaigns under Grande's ambassadorship.