The Board of the Eurasian Economic Commission decided to zero out the rates of import customs duties on certain types of precious and semi-precious stones for a period of two years. The decision was made the day before.
These are natural or artificial emeralds, sapphires, rubies, jade, alexandrite used in the jewelry industry.
«Production of colored precious and semi-precious stones for jewelry making in the countries of the Eurasian Economic Union does not meet the existing demand. In this regard, a decrease in the rates of duties on raw materials will help to reduce costs in the jewelry industry and increase the competitiveness of finished jewelry items both in the domestic and foreign markets,» Andrei Slepnev, Member of the Board (Minister) for Trade of the EEC, said.
The EEC Board singled out natural diamonds weighing less than 0.3 carats into a separate commodity nomenclature for foreign economic activity of the EAEU at the level of a separate ten-digit code. This will allow keeping records and analysis of their import into the territory of the EAEU in order to be able to further point-change the measures of customs and tariff regulation of foreign trade in goods.
The decision of the EEC Board was made as part of the implementation of measures to promote jewelry from the member states in the markets of third countries, provided for by the order of the Eurasian Intergovernmental Council dated October 25, 2019. The entry into force of the document is synchronized with the date of entry into force of individual decisions of the Council of the Commission, taking into account the changes made to the EAEU TN VED.
