Turkey Waives 20-percent Tax on Polished Diamonds

Rapaport reported that Turkey has quashed a 20-percent special consumption tax on polished diamonds.

As quoted in the press release,

Ayhan Güner, the chairman of the Istanbul Precious Metals and Jewelers Association, said in a recent press statement that abolishing the taxes will enable Turkey to compete with the likes of Belgium and Israel as a diamond trading center.

Çetin Ali Dönmez, the executive vice president of the Borsa Istanbul, stated:

The new arrangement will significantly encourage non-registered companies to register their operations.

Click here for the full Rapaport report.