Advanced Search

Turkey Abolishes 20% Tax on Polished Diamonds

Dec 16, 2014 7:51 AM   By Avi Krawitz
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... Turkey has abolished a 20 percent special consumption tax on polished diamonds, officials confirmed with Rapaport News. The new tax regime has been in effect since mid-September when the new legislation was implemented.

In addition, polished diamonds being traded in Borsa Istanbul Diamond and Precious Stone Market is exempted from an 18 percent value added tax (VAT). Diamonds traded in Turkey outside of the exchange will be subject to the VAT charge.

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, added that he expects membership of the exchange to increase from its current 122 company base as a result of the new tax law.

“The new arrangement will significantly encourage non-registered companies to register their operations,” Dönmez said. 
Tags: Avi Krawitz, Borsa Istanbul, diamonds, Rapaport, Turkey
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2021 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.