The Chinese government has unveiled a new package of tax cuts which it hopes will deter smuggling in the diamond industry and promote trade at the country's sole diamond trading centre, the Shanghai diamond exchange, which has failed to live up to expectations since it opened a year ago.
The tax cuts include the withdrawal of both a 3 per cent import duty on rough stones and a 9 per cent duty on polished stones, as well as halving the domestic consumption tax from 10 to 5 per cent. Taxes on imports for polished diamonds have been lowered from 41 per cent to 17 per cent and to 33.9 per cent on rough ones.
Senior economist at the Shanghai Diamond Exchange Administration, Yang Zude, remarked: 'The new package is a breakthrough in the existing policies guiding domestic diamond trading and will greatly bolster the growth of our exchange.'
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