The Russian Ministry of Finance develops a “road map” for the development of the diamond and diamond industry

Russia’s “Kommersant” quoted industry insiders as saying that the Russian Ministry of Finance has formulated a “road map” for the development of the diamond and diamond industry. According to the newspaper, it includes reducing national supervision and reducing the tax burden on the industry.
According to a source, the newspaper said that the plan will be implemented by February 2018.
A key point of the plan is to allocate additional raw materials to the domestic market for processing in the country (not less than 10% of the mined diamonds, which should meet the level of demand). According to the author, this will attract investment in the field, but need to change the marketing strategy of Russia's Alrosa Gems. At present, Russian millers buy raw materials under the framework of the ALROSA Alliance program.
Alrosa may have some new shareholders. According to the newspaper source, the "road map" said that the Russian Ministry of Finance, the Far East Development Department, and Alrosa will negotiate with potential investors before December 1. The specific name is not mentioned in the file.
In addition, according to a government source, the road map points to a federal law that sets the value-added tax to zero for diamond domestic market operations.
The report pointed out that the government is prepared to simplify a series of control procedures, such as transporting gemstones under temporary import or export, re-import and re-export conditions, and using electronic documents to transfer processing outside Russia. Vladivostok Freeport may implement pilot projects on jewellery products related to Tax Free and simplified monetary banking procedures.

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