Mandatory application of physical marking on jewelry made of precious metals and precious stones in Russia, which has been set for March 2023, has been postponed for a year and will begin in March 2024, according to Rough & Polished.
The marking of jewelry will be done by “applying a special barcode to the metal part of the decoration next to the stamp.” Products labeled as leftovers as well as products imported into the territory of Russia from states outside the Eurasian Economic Union, will be exempted.
The decision to extend the deadline was “done to support the jewelry industry in the transition from a simplified and patent taxation system to a common system, as well as to reduce the financial costs of market participants in precious metals and precious stones,” commented Deputy Finance Minister Alexei Moiseev.
