Thursday, January 22, 2009

New applications will benefit tungsten market

By Leia Michele Toovey

Holiday retail sales were worse than anticipated. The retail industry's leading trade group blamed a deep recession, severe winter weather and five fewer shopping days for a 2.8 per cent drop in sales. The National Retail Federation had originally forecast holiday sales for the combined November-December shopping months to grow 2.2 per cent, which would still have been the weakest pace of gain in at least six years.  The jewellery market was hardest hit, luxury goods sales were down as much as 34 per cent. However, the new Tungsten jewelry market faired exceptionally well over this holiday season., a leading online retailer of men's wedding bands, tungsten rings, titanium rings and unique contemporary jewellery designs for men and women, announced today that its 2008 holiday season sales increased by 16 per cent from last year.  The company accounts for the rise as a result of "exceptional customer service" and continual advances in tungsten jewelry.  Tungsten designs are appealing to many for their unique style, and, they are far cheaper than traditional gold and platinum.  With everyone counting their pennies these days, the tungsten jewelry market may likely witness and exceptional year.

The Central Government of China has revised from the January 1 of 2009 the value-added tax to be imposed on imports of raw materials for production of ferroalloys. This revision is applied to 82 items of raw materials and the value-added tax has been raised from 13 per ton to 17 per tonne. Raw materials for the production of tungsten ore are included in this price hike. The value-added tax is also imposed on transactions of ores produced in China and this rate has been raised from 13 per cent to 17 per cent. This is expected to have a significant impact on already struggling companies in China.  There is already talk that these companies may appeal to the Chinese Government for tax breaks that will offset the fee hike. Read more...

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