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    Russian Won't See Diamond Duties Disappear Soon| Red Square <a href=tissot veloci-t w

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      | Red Square <a href=tissot veloci-t watch Moscow Russia" align=right src="http://www.israelidiamond.co.il/UploadedFiles/kremlin_moscow_s_15472292-4741505.jpg" width=166> Hayk Harutyunyan | Dreamstime.comEnlarge Red Square Moscow RussiaRussias entry into the World Trade Organization at the beginning of this year did not automatically mean that the countrys high tariff barriers to gems and jewelry imports would go down anytime soon.

      Alex Popov President of the Moscow Diamond Bourse said that while the bourse had been strongly lobbying the government for either abolition or at least a reduction in customs duty the actual reduction could even take many years.

      Popov was speaking at the inauguration of the second Indo-Russian jewelry summit in Mumbai. The networking event throws Indian jewelry manufacturers together with Russian distributors and retailers.

      Explaining that diamonds and jewelry are a low-priority subject with the Russian government Popov noted that the value of the countrys entire annual production of diamonds amounted to just 1% of its oil production or 10 days of natural gas production.

      Russias jewelry consumption was however steadily growing and some 20 000 jewelry retail outlets currently employed about 150 000 people and generated an estimated $16 billion in turnover replica girard perregaux foudrayante watches online he said.

      Jewelry retail was not however evenly distributed through Russia. Moscow accounted for some 30% of the countrys jewelry stores and St. Petersburg for 10% while Russias remaining 82 regions with a population of 130 million people brought up the remaining 60%.

      Some 3 200 of Russias 4 500 jewelry manufacturers were individual workshops according to Popov. All told jewelry manufacture employed some 25 000 people currently.

      Despite this tudor replica hangbags most of state-controlled miner Alrosas output was exported and very little reached the domestic market. What little diamond manufacturing there was tended to be in specific sizes limited in scope and unsuitable for domestic jewelry manufacture Popov claimed.

      Global brands like Faberge Cartier and Van Cleef & Arpels had established local distribution centers imported jewelry at cost and took their profits in Russia.

      The lowering of tariff barriers to imports was he explained extremely important to the Russian jewelry and diamond industry.

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        • 2013.05.05 Sunday
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