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National Strategy on Diamonds: 

National Strategy on Diamonds Polished Diamonds Workshop Toronto, Ontario Ronen Basal, Basal Diamonds Inc.

National Strategy on Diamonds: 

National Strategy on Diamonds Introduce Self Name Company How long Basal Diamonds Inc. has been in business What does your typical client look like Sales volume per annum How much in Certified Canadian Diamonds per year

National Diamond Strategy: 

National Diamond Strategy I would like to discuss with you several items that directly impact my ability to do business in Canada: Competition Bureau ruling on the definition of a Canadian Diamond The future of diamonds in Canada The Excise Tax

National Strategy on Diamonds: 

National Strategy on Diamonds Why was it important for you to take a day away from your business to be at the workshop Canada is a crucial moment in its economic history with respect to diamonds It is important at this juncture to be able to have input on a strategy that will ultimately affect your ability to do business in a profitable and ethical manner All are aware of Stats Can report that Canada is 3rd largest producer of rough Canada has a small, but growing polished diamond manufacturing sector Issue regarding the definition of a Canadian diamond is impacting your ability to do business

National Diamond Strategy: 

National Diamond Strategy Snapshot of my core business: Travel xxx times to Antwerp to purchase “generic” polished diamonds in Antwerp Moving most of my business into Government Certified Canadian Diamonds: Mined, cut and polished in Canada At present, only source is the Northwest Territories Major chain store clients introducing 100% Canadian diamond lines, with marketing dependent upon the Government Certificate Government Certificate gives my clients an assurance that the diamonds have not been High Pressure/High Temperature treated, and that they are Natural diamonds

National Diamond Strategy: 

National Diamond Strategy Difficulty with Competition Bureau ruling on what constitutes a Canadian diamond: Ruling is not consistent with its own definitions regarding substantial transformation: 40% of the value of a diamond is added at the polishing stage, when combined with the costs of mining diamonds, a truly Canadian diamond would be one that is mined, cut and polished in Canada If 40% of the value is added at manufacturing stage, why is the Competition Bureau allowing goods that are polished in Viet Nam or other low-wage countries to be deemed “Canadian” Gold mined in Canada but transformed into chain in Italy cannot be sold as Canadian, but as Italian gold Present definition should be struck, or in the least, amended to differentiate between diamonds mined in Canada and polished elsewhere and those mined, cut and polished on Canadian soil

National Diamond Strategy: 

National Diamond Strategy Future of Polished Diamonds in Canada With the advent of a mine and expansion of existing polishing facilities in my home province of Quebec, and the Quebec Government’s interest in certifying diamonds coming out of its own ground, there is room for a “100% made in Canada “ definition for Canadian diamonds I understand that most of the diamond finds across the Canadian Shield are located near existing aboriginal communities and traditional lands – which would lead to employment opportunities in areas where there are few I am confident that the governments of Saskatchewan and Ontario would like to reap the economic benefits associated with value-added industries presented by the diamond finds in their own jurisdictions Royalties could be reduced by jurisdictions to encourage the mines to assist in the development of value added industries

National Diamond Strategy: 

National Diamond Strategy Excise Tax Excise tax is biggest barrier to sales of diamonds in Canada, especially to the areas close to the United States Canadians pay 10% more for the same diamond than they would in the US Results in undeclared cross-border shopping , as well as the “grey or black” market in diamonds Excise tax could be removed on diamonds that are mined, cut and polished in Canada, if Federal government loath to remove Excise tax completely

National Diamond Strategy: 

National Diamond Strategy In Conclusion: Thank the chair of the workshop for the invitation to participate in meeting Would be happy to expand or answer any questions that my presentation has created

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