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Russia wants to cancel import duties on small diamonds

11 february 2021
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Image credit: Kristall Smolensk

The Russian Ministry of Finance has submitted a proposal to the Eurasian Economic Commission to cancel import duties on small-sieve-size colored precious stones and diamonds (weighing less than 0.3 carats) for a period of 2 years, Interfax reported.
According to the Ministry of Finance, the initiative will reduce jewelry production costs in the countries of the Eurasian Economic Union (EAEU), increase sales both in the Eurasian and global markets, and create necessary conditions for increasing the industry’s cost competitiveness.
It is assumed that the customs regulation measure developed by the Ministry of Finance of the Russian Federation "will help to overcome the consequences of the COVID-19 pandemic and will become a serious support for the Eurasian jewelry industry."
Colored precious stones are practically not mined in the EAEU countries, and manufacturing polished diamonds weighing up to 0.3 carats on the territory of the EAEU is unprofitable, the ministry explains. At the same time, a significant part of the jewelry market is occupied by jewelry with inserts of small diamonds. In this situation it is more profitable to import finished jewelry products from countries outside the EAEU than produce them on its territory.
Now the import duty on finished jewelry products is almost equal to the import duty on precious stones (10-15%) necessary for the production of jewelry.
 
Alex Shishlo for Rough&Polished