South Korea accepts KDE Appeals
Abolished a 26% Diamond Tax World Federation of Diamond Bourses (WFDB) President Ernie Blom has praised the work of the WFDB-affiliated Korea Diamond Exchange in persuading the government to abolish a high diamond tax instituted more than four decades ago. Following five years of talks and intensive work by the Korea Diamond Exchange (KDE), the South Korean government in December abolished a 26% Individual Consumption Tax on imported polished diamonds that dates back to 1976, said bourse Chairman Nam Chang-Soo. "Now, South Korean diamond importers will have a simplified tax regime: a 5% import tax and 10% Value Added Tax, said Nam Chang-Soo. “We hope that the abolition of the ICT and simplified taxes will have a very positive effect on diamond jewelry sales in South Korea. I believe that we will see a big increase in sales of polished diamonds and of diamond jewelry," he said, adding that annual sales of polished diamonds in South Korea amount to around $2.5 bill...