Russia plans to reduce the import levies on rough diamonds from 20% to 15%, RAPAPORT reported. The new tax rates will take effect on January 1, 2010.



According to the report, the Customs Union of Russia, Belarus and Kazakhstan will lower duty rates on synthetic diamond imports from 20% percent to 5%. Pearl import taxes are also expected to be cut by half – from 20% to 10%.



Taxes placed on other rough precious and semi-precious stones, as well as on sapphires and rubies, stand to be cut from 20% to 15%, as well as the ad-valorem duty placed on gold, silver and platinum-plated costume jewelry.