Thousands of diamonds are going for millions of dollars in Columbia.
But they’re being sold for pennies on the dollar in South Carolina.
The diamond industry has been hit hard by a recession that’s wiped out millions of jobs.
That has led to an unprecedented boom in diamond sales, but even those numbers have been falling in Columbia’s diamond market.
That’s because the city is one of only two in the country that has no state income tax.
Diamonds are bought and sold at the city’s central diamond store.
Diamonds from Canada are also freely traded, but the state tax on the sale of those goods is much higher than the federal one.
Diamond dealers say the city has been making it difficult for them to find buyers for their precious stones.
Diamond is the only commodity that is taxed in South Florida.
It’s also the only one that has to be sold in a licensed auction.
South Florida’s state sales tax on diamonds was 5.99 per cent in 2016, according to the Sunshine State Department of Revenue.
But Diamond City officials say it’s only $2.00 per ounce.
That means the city of Columbia will get an estimated $11.95 million in sales tax revenue this year.
The tax breaks the city receives from the federal government.
Diamond City officials estimate the city will receive $3.6 million in tax revenue from its sales tax this year because the state has no sales tax.
The city of West Palm Beach also has no local sales tax, but its city council voted to approve a 10-year tax break to keep diamond dealers here.
But the city council also voted unanimously to remove the sales tax for jewelry sales.
The sales tax break will take effect next month, so West Palm beach residents will have to pay the sales taxes that would otherwise go to the state.
DiamondCity officials say that means the diamond industry will likely suffer more losses than they could have anticipated, and the city may be forced to close.
They say the industry’s revenue could be $1 million a year in the next two years.
“We don’t want to be forced out of this market,” said DiamondCity Mayor John Kiefer.
Diamond city officials have also created a tax commission to help keep the industry afloat.
It will have the power to negotiate sales taxes with the city.
Diamond officials say the Diamond City council will decide what to do with the sales of diamonds.