Сustoms regulations changes

Russia’s recent entrance to WTO has resulted in quite a few changes in it’s customs regulations. Import duty tariffs are not an exception.

Aiming towards transparency of the process, Ministry of Economic Development regularly updates documents outlining major steps and responsibilities of Russia during its integration to the WTO. The list is presented in the Working Group Report and is available “here”.
Group 71 of the goods which is particularly interesting for jewelry market participants will bear quite a few changes by 2017, when Russia is to become a full-on member of the WTO. Most import duties will be reduced greatly, some – waived completely. Reduction will not happen all at once, though. As of now import duty on jewelry made of precious metals has slightly reduced from 20% to 18%. Overall payments on importing jewelry to Russia have thus lowered by 2.5%.