"Yesterday ... the government approved amendments to the Tax Code, which provide for the introduction of a zero VAT rate on rough and polished diamonds," Deputy Finance Minister Alexei Moiseev said on the sidelines of the Cheboksary Economic Forum.

According to RIA Novosti, Moiseev clarified that we are talking about zeroing the tax rate, by analogy with how it was with gold, in order to promote the demand of citizens for investment diamonds.

In early June, the Russian government approved a bill that would exempt citizens from paying personal income tax for selling gold bars in 2022 and 2023.

This measure is aimed at attracting Russians to invest in gold.