« Designer Ideal Cut Diamond Engagement Ring! | Main | State Of The Diamond Industry: Mid-Year Report. »
Israel Joins The Club: Reduces Taxes On Polished Diamonds.
Israel, following the actions of the Canadian, Dubai, and U.K. Goverments is reducing their tax rate on imported polished diamonds.
Israel’s ministry of industry, trade and labor will reduce the import tax on polished diamonds entering Israel by 33 percent, from 0.2 percent to 0.135 percent. The legislation was signed by Israel’s minister of industry, trade and labor, Eli Yishai, on June 29, and is expected to be approved by Israel’s finance minister in the coming days.
Israel’s diamond controller, Shmuel Mordechai, noted the significance and contribution of Israel’s diamond industry to the overall economy and said that a further review of the polished diamond import tax would take place later this year.
Avi Paz, president of the Israel Diamond Exchange, added that the move is of great importance to Israel’s diamond industry. “The reduction of polished diamond import taxes will help Israeli diamantaires and is expected to help grow Israel’s diamond trade,” he said.
Reducing taxes can only benefit both the industry and consumers.
