Russia to lower import duty on rough diamond from 1st Jan 2010

According to reports, Russia will be lowering import duties from 20 percent to 15 percent on a wide range of goods related to the jewellery industry including unsorted rough diamonds. The reduction is to go into effect from January 1st 2010.

The cut in import duties includes slashing the duty on artificial diamond granules from 20 percent to five percent, while duties on other unprocessed precious and semi-precious stones including sapphire and rubies, will decline from 20 percent to 15 percent.

While duties for unprocessed pearls will reduce from 20 percent to 10 percent, there will be a reduction from 20 percent to 15 percent for processed pearls. The ad-valorem duty on gold, silver and platinum plated imitation jewellery will also be reduced from 20 percent to 15 percent. A €4 per kilo duty on these goods will not be changed.