According to jewelers, the growth in customs duties will hike prices for jewelry.
Photo: Yury Martyanov
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Customs Claims Huge Duties from Jewelry Firms
The Central Excise Customs claims hundreds of million rubles from Russia’s jewelry companies, having filed over 30 suits to the Moscow Arbitration Court already. The duties are imposed not only on the cost of jewelry of foreign make but also on raw that belongs to Russia’s clients. Settlement of duties will hike prices for jewelry, and the jewelers will face sanctions for customs violations.
The Central Excise Customs lodged its first jewelry suits to the Moscow Arbitration August 11 and 12, and as many as 12 suits, including ten against Yashma (Jasper) and Kameya (Cameo), were filed on August 25.
The claims to Yashma reached 341 million rubles, Kameya has 253 million rubles, and 250 million ruble is claimed from Russia’s biggest jewelry company Adamas. Overall, the suits were lodged against ten market players.
The troubles began early this year, when the Federal Customs Service halted provision of tolling permits to jewelers and called off the permits issued earlier. But without the tolling permits, the customs duties, as well as VAT, are calculated with the cost of the metal taken into account.
Yashma filed a return suit against the Customs yesterday. According to jewelers, the growth in customs duties will hike prices for gold by 40 percent to 42 percent and narrow the range of the product significantly.
www.kommersant.com
All the Article in Russian as of Aug. 27, 2008
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