VTB Bank, Alfa-Bank say launch VAT-free sale of investment diamonds

MOSCOW, Jan 12 (PRIME) -- Russia’s VTB Bank and Alfa-Bank have launched VAT-free sale of investment diamonds for the wealthy clients, the two banks said in statements on Thursday.

“Purchase of investment diamonds is available to the wealthy clients of VTB Bank by prior order through a personal manager,” the bank said.

Customers of Alfa Bank's closed business community A-Club can purchase polished diamonds at Alfa-Bank, the bank said.

In June 2022, the Russian government approved amendments to the Tax Code to reduce the VAT to zero for the purchases of rough and polished diamonds by individuals.

ALROSA estimates potential demand for investment diamonds at U.S. $200 million in 2023.

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