The latest changes will affect gold and diamond suppliers and will come into effect starting January 1, 2023.The UAE has changed VAT rules for gold and diamond suppliers, the Ministry of Finance announced on 6 December, 2022.
The amendment comes as part of a resolution issued by the cabinet on workmanship services when supplying gold and diamonds between registrants.
According to the resolution, there will be a temporary replacement for the definition of 'goods' contained in Article (1) of Cabinet Decision No. (25) of 2018 on the Mechanism of Applying Value Added Tax (VAT) on Gold and Diamonds between Registrants in the State to be 'gold, diamonds and any products whose main component is gold or diamonds, which may include workmanship services directly related to the supply of these commodities', the Ministry of Finance said in a statement.
The latest changes will come into effect starting January 1, 2023. However, it will also be applied for the period from June 1, 2018 to December 31, 2022, the Ministry said adding that the Federal Tax Authority (FTA) will 'further clarify the amendments to taxpayers.'
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
Exclusive
Yoram Dvash: Industry unity, producer leadership and marketing investment key to natural diamond's future
The natural diamond industry is navigating a period of significant transition, but there are increasing signs that the foundations for a stronger and more positive future are being built, according to the World Federation of Diamond Bourses (WFDB)...
29 june 2026
AWDC: First fully traceable artisanal diamonds from DRC sold on the international market in Antwerp
In a historic milestone for the diamond industry, fully traceable, artisanal diamonds from the Democratic Republic of Congo have been sold on the international market for the very first time in Antwerp. Below, Ine Tassignon, AWDC spokesperson, provides...
22 june 2026
Natural diamonds most desired luxury jewellery, Gen Z spending double baby boomers, reveals De Beers report
Natural diamonds remain the most desired jewellery item among US consumers, with Millennials and Gen Z driving demand value and spending, according to De Beers Group’s The Diamond Report, which draws on the biannual Diamond Acquisition Study of 18,500...
15 june 2026
Edahn Golan: India’s lab-grown diamond exports surpass natural diamonds by volume, yet value gap widens
India’s diamond industry has reached a historic turning point. In March and April 2026, the volume of lab‑grown diamond exports overtook that of natural diamonds, with lab‑grown stones accounting for 51% and 50.4% of total export volume respectively...
01 june 2026
Dr M’zée Fula-Ngenge: Kimberley Process failing Africa
The Kimberley Process (KP) is failing Africa, and the world's definition of a “conflict diamond” is a moral and legal absurdity, according to the African Diamond Council (ADC) chairperson M’zée Fula-Ngenge. The following exclusive...
18 may 2026
