Customs office has announced that though jewelry purchases declined in South Korea, diamond imports grew 22 percent to $9 million in first quarter of fiscal year 2005.
Imported mostly from India or Israel, diamonds prices have risen from $26.3 million in 2003 to $27 million in 2004. Pearls, rubies, and sapphire imports have dropped for two consecutive years. Imports of pearls fell 23 percent to $2.4 million compared with first quarter of 2004.
South Korea has further extended its luxury tax-break on diamond jewelry and other items until December 2005. This effort is expected to boost consumer spending on luxury goods in March 2004, even while the government withdrew tax rate level on jewelry from 20 percent to 14 percent, and has planned to end the incentive in June 2005.
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