Israel Polished Diamond Import Tax to be Lowered by 33%
July 02, 06
Israeli Minister of Trade, Industry, and Labor, Eli Yishai, has approved lowering a polished diamond import tax from 0.2 percent to 0.135 percent. The decision received the minister’s approval Thursday and now requires the approval of the minister of finance, which is expected in the next few days.
The move is a boost to the Israeli diamond industry, which is seeking to increase its competitiveness against other leading diamond centers.
Israel Diamond Exchange (IDE) president Avi Paz said the minister’s decision has great significance to the Israeli diamond industry. “Lowering the import tax on polished diamonds will be very helpful for diamantaires and expected to increase their trade volume.”
Diamond Controller Shmuel Mordechai, whose office is part of the ministry, said that in the year ahead a further reduction in the tax will be considered due to the importance of the diamond industry to the Israeli economy.