The Azernaijan Parliament has approved a series of amendments to the tax code, with a cess being implemented on various imported goods including diamonds and precious metals, according to reports in the local media. The legislation was passed on at the end of 2014.

Under the new scheme, the reports say, excise duty will be imposed on platinum, gold, jewellery and other household items made of gold, platinum, and the processed, sorted, faceted and fixed diamonds.

While the tax on imported diamonds will be AZN200 per carat (or proportion thereof), it will be AZN2 per gram of platinum and AZN0.8 and above per gram of gold depending on the quality and caratage.

Jewellery with less than 20 grams of gold or diamonds of half a carat and below can  be imported duty free by individuals. Any precious metal or diamonds imported for safe custody with the Central Bank is also exempt, it was reported.