Specific as follows
In May, 2003, the People's Bank of China stopped implementing 26 administrative examination and approval items such as the production, processing, wholesale and retail of gold products, marking the full opening of the market of precious metals such as gold and silver and their products from the management system. In terms of import tax policies for gold and diamonds, the state also gives preferential treatment. Imported gold (including standard gold) and gold ore (including associated ore) are exempt from import value-added tax, and rough diamonds sold from Shanghai Diamond Exchange to the domestic market are completely exempt from value-added tax. The actual tax burden of finished diamonds exceeding 4% is refunded by the customs on demand, which gives great support to the jewelry industry in industrial policy.
On June 9, 2007, the Ministry of Finance of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China issued the Notice on Adjusting the Export Tax Refund Rate of Some Commodities. This adjustment * * * involves 283 1 commodity, among which the export tax rebate rate of 2,268 commodities prone to trade friction is reduced, including pearls, precious stones, precious metals and their products. The export tax rebate rate for products such as pearls, precious stones and silver raw materials was reduced from 13% to 5%, and the full tax rebate for diamonds was also reduced to 5%. Gold and platinum products still maintain the export non-tax rebate policy.
China's jewelry industry is developing at a high speed, with the total sales in 20 10 reaching 250 billion yuan, up 13.64% year-on-year. McKinsey predicts that the luxury market in China will rise rapidly in the future, and the market scale will increase from 80 billion yuan in 20 10 to18 billion yuan in 20 15. By then, China will become the largest luxury market in the world. High elastic luxury goods such as gold, silver and jewelry will be the biggest beneficiaries of this round of rapid upgrading of residents' consumption structure.