Israeli Diamond Industry 18 December 2016 agreed on all terms of the agreement with the Israeli tax authorities after several months of negotiations. The treaty was unanimously ratified by the boards of directors of the Israel Diamond Exchange (IDE) and the Israel Diamond Manufacturers Association (Israel Diamond Manufacturers Association, IsDMA) . Special meeting of IDE members also approved a new agreement, according to a press release from the IDI.
The new tax agreement sets out the conditions for the Israeli diamond industry, which are in line with international financial regulations. One of the achievements is that diamantaires will no longer have to pay sales tax, but only with profit. The agreement also allows diamantaires participate in "voluntary disclosure" agreement with the special considerations for the unique aspects of the diamond business.
IDE President Yoram u'Dvash (Yoram Dvash) said: "This is a historic achievement that will allow us to focus on the development of the diamond industry in the past few months we have been working in collaboration with the tax authority in full transparency Our goal is to manage our accounting.. and pay taxes like any other business in Israel. "
U'Dvash expressed confidence that Israeli banks, which raised interest rates and close the account diamanters will now welcome the diamond business. He noted that the government promises to approve the allocation of credits for the industry by Israeli banks.
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Diamond trade in the world is under pressure. I do not avoid this and Antwerp as the most important international trading center, but he showed the best performance among others.
Last year Antwerp was imported and exported diamonds valued at $ 48.3 million, according to AWDC (Antwerp World Diamond Centre, AWDC) . Given that this is a decline of nearly 18%, rivals such as India and Israel, have experienced a much more severe recession.
At that time, as the diamond industry rises and falls on the waves of the global economy, the slowdown in economic growth in the BRIC countries, particularly in China, which is the second largest diamond market after the US, has had a tremendous impact on the diamond trade.
Despite the fact that a deep recession in the diamond industry has led to a slight decrease in prices for rough diamond traders it became all the more difficult to make a profit at the low prices for the first time in decades. As a result, the average rate of return for wholesalers ranged from 0.11% to 0.37%, remaining at the level of 2014.
In addition, the banking crisis and the sovereign debt crisis has led to significant changes in the availability of bank lending to enterprises. As a result, many otrasleviki experiencing difficulties with financing. For diamond dealers, this means that they have less resources available for the purchase of rough diamonds, and this has an impact on world trade.
2014 was a difficult one for the diamond industry worldwide. But Antwerp, thanks to the fact that he followed its own strategy, was able to maintain its leading global position thanks to its heritage, knowledge and courage, who were involved in the development and implementation of new technologies. It is the same way Antwerp will face new challenges, said AWDC.
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