ISSUE OF SETTING UP ARMENIAN-RUSSIAN DIAMOND CUTTING JOINT VENTURE UNDER EXAMINATION
Noyan Tapan
May 14 2007
YEREVAN, MAY 14, NOYAN TAPAN. Russian structures are examining the
issue of founding a diamond-cutting joint venture by state company
Smolenskie Cristaly (Russia) and DCA company (Armenia). Chairman of
DCA board of directors Gagik Abrahamian told this to NT correspondent.
In his words, the Armenian side substantiated that it would be
profitable for Russia to send diamonds of particular size to be cut in
Armenia. He said that part of diamonds mined in Russia are cut abroad,
particularly in China and India from where Russia buys cut diamonds.
According to G. Abrahamian, under Russian legislation, value added
tax (VAT) and customs duty are charged in the amount of 18% of the
diamond’s value in case of importing diamonds from Armenia, while
in case of importing from India and Chine VAT and customs duty are
charged in the amount of 40-42% of the value. So the Russian side
may work with the Armenian side with the use of tolls, paying only
for the cutting of diamonds.