Israeli Diamond Trader Caught in $2.5M Smuggling Attempt
June 28, 11(IDEX Online News) – An Israeli diamond dealer was caught trying to smuggle into Israel polished diamonds worth $2.5 million. Traders need only declare polished imports and are tax exempt – if brought in legally. In this case the trader may pay a fine, VAT and face criminal charges.
The Ben Gurion International Airport customs unit caught the trader during the weekend.
Israeli diamond traders are required to declare the imports of polished diamonds, a standard procedure done through the country’s Diamond Controller Office. Because the man tried to smuggle the goods into the country, he will be required to pay a fine, taxes and 16% VAT, which amounts to $400,000.
In addition, he may face criminal charges for attempted smuggling and money laundering.
According to Diamond Controller Shmuel Mordechai, attempts to smuggle polished diamonds into Israel is a weekly occurrence.