The countries of the Eurasian Economic Union (EAEU; includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan) are considering the possibility of abolishing import duties on colored gemstones and small diamonds weighing up to 0.2 carats for two years. The Ministry of Economic Development, at the initiative of the Ministry of Finance, sent a second letter with such a proposal to the Eurasian Economic Commission (EEC). Izvestia has a copy of the document. Today, the import duty on stones is almost equal to the fees on finished products and amounts to 10-12%, the Ministry of Finance noted.
The ministry expects that the proposed measure will reduce the costs of Russian jewelry production in comparison with foreign ones and thus increase the competitiveness of domestic companies. And products that use small precious stones can become more affordable for the mass consumer. Cost reduction will lead to a decrease in the cost of jewelry and, as a result, will reduce the price by 3-5%, Artem Sokolov, managing partner of Sokolov, confirmed.
Russia’s proposal to zero the duty is at the initial stage of discussions, Izvestia was told in the EEC trade bloc. The materials, in accordance with the regulations, were sent to the EAEU countries for the formation of positions. The issue will be considered in the near future at a meeting of the subcommittee on customs-tariff, non-tariff regulation and protective measures of the advisory committee on trade under the EEC Board. Based on the results of the discussions, a decision will be made on the further fate of the initiative, the commission said.
Read more in the exclusive Izvestia article:
“The result for the ring: they want to make Russian jewelry more accessible”
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
