Sber clients can now buy diamonds from the bank. The first clients have already purchased several precious stones to make jewelry for personal use.
Diamonds can also be a sound investment, just like investments in gold. The pricing of precious stones available for investment is more complex. Whereas for gold you measure only its weight, for diamonds you take into account their weight, shape, color, and quality. Each stone is unique. If, after the purchase, the diamond is not left in the manufacturers’ safe-keeping, repurchase will require a new expert evaluation.
Sber’s Diamond product is available to SberFirst premium clients and Sber Private Banking users. Sergei Shirokov, director of the Borrow and Save Division, Sber bank, “ A draft law on an indefinite VAT exemption for natural persons who buy diamonds from banks has recently been submitted for consideration to the Russian State Duma.
The Russian Ministry of Finance supported this initiative. I strongly believe that the VAT exemption will drive our clients’ interest in this product. They can buy precious stones to make jewelry or use them as investments. This is another tool that will help our clients preserve and grow their finances.”
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
