Tuesday, 8th March 2005 (4045 views)

The Canadian government is cancelling a ten per cent excise tax on jewellery.

Speaking at the end of the annual Congress of the World Jewellery Confederation (CIBJO), the president of the Canadian Jewellers Association, Carmen Rivet, informed people of the change, which is set to boost the jewellery industry.

According to the association, the tax had previously increased losses in Canada and forced jewellery industry firms to close and set up offshore companies.

CIBJO president, Gaetano Cavalieri, told National Jeweler: "This tax was highly discriminatory. It meant Canada could not compete in the making of jewellery, nor could its retailers offer jewellery to Canadians and tourists at a fair price."

The news has been welcomed and follows a letter sent to the Canadian prime minister by Mr Cavalieri citing a number of reasons why the tax should be removed.

Canada's jewellery companies are now preparing to compete more effectively in the world's jewellery marketplace.

 

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