The VAT on high-value or rare jewellery in France has been cut from 19.6 percent to 5.5 percent. According to the customs guidelines, the new rate also applies to jewellery “destined for different use from originally intended; special transactions other than the usual trading of similar items; landmarks in the evolution of human craftsmanship; and items illustrating a period of this evolution.” The VAT reduction is not applicable to “new” jewels, manufactured by a jeweller and consigned immediately to auction.

The VAT reduction is intended to promote Paris as an auction centre for high-end jewellery. In response to the new act, Christie’s, Francois Curiel, based in Paris, has approached France’s Head of Customs for further clarifications, since according to Curiel, the law could also be interpreted as applying to modern secondhand jewellery.