Russian jewellers ask to abolish the VAT for sapphires, rubies and pearls import

Based on Business materials.

Russian jewellers ask the Government to relax the rules of jewellery imports to Russia. Jewellers Guild of Russia has sent a letter to the President administration with the request to abolish the VAT for sapphires, rubies and pearls imports.

Jewellery companies express an opinion that in case the tax is abolished by 2010 Russian jewellery sector will have 1% of the world market estimated at $100 bln.

Since 2000 Russian jewellery sector has grown by 400% and reached the level of RUR 34 bln.