Russia's Sberbank has launched the sale of diamonds directly to the customers of the premium service "Sber First" and users of Sber Private Banking.
The first buyers have already purchased several precious stones to make jewelry from them for personal use, the bank's press service reports.
Diamonds can also become an investment, following the example of gold savings. If after the purchase the diamond was not left for storage with the manufacturer, its re-examination will be required during the reverse sale.
According to Sergey Shirokov, director of the "Borrow and Save" division of Sberbank, the interest of Russians in buying diamonds will grow due to the abolition of VAT.
"Recently, a bill was submitted to the State Duma on the indefinite abolition of VAT when individuals buy diamonds from banks. The Ministry of Finance of the Russian Federation supported this initiative. I am sure that the abolition of the value added tax will increase the interest in this product from our customers," Shirokov said.
In Russia, amendments to the Tax Code came into force on October 1, 2022, according to which a zero rate is applied for individuals to purchase diamonds from banks.
On September 28, 2023, the Ministry of Finance took the initiative to make the zero rate indefinite. The bill is under consideration by the State Duma, nedradv.ru notes.
Alex Shishlo for Rough&Polished
