[Abstract] Tax rates on imported jewelry will besharply reduced.The “BondedDiam” service of Guangzhou Diamond Exchange allows you to hold or participate in exhibitions or business activities with overseas goods in any city in China Mainland under bonded condition.Therefore, buyers can view the goods before purchasing. Meanwhile, importers can enjoy the dividend of the policies, reduce the cost of customs clearance, capture the market more quickly, provide products more suitable, as well as make sales more amazing.
On June 3rd, a post from Guangzhou Diamond Exchange (hereinafter referred to as GZDE) China Reduces Import Tariffs on Jewelry by 67.75% Averagely went viral. The post is about Notice on Reducing the Import Tariffs of Daily Consumer Goods which was issued by the Customs Tariff Committee of the State Council on May 31st 2018. The notice involves 1,449 tax items, among which 18 of them are relevant to the jewelry industry, with an average drop of 67.75%. The comprehensive tax ratesare from 39.2% to 74.0%, andwill drop to between 25.28 and 41.78 percent, respectively. Due to the sharp cut in the import taxes on jewelry, there are new market opportunities for domestic and foreign companies.
Guangzhou Diamond Exchange provides the “BondedDiam” service for all of our member enterprises, which can import overseas goods to China mainland for bonded warehousing, sorting, simple processing, appraisal, exhibition or attending business activities in any city of China. Therefore, customers can view the goods before deciding to transact. Meanwhile, member enterprises can enjoy the dividend of the policies, reduce the cost of customs clearance, capture the market more quickly, provide products more suitable, as well as make sales more amazing.
The “BondedDiam” service of GZDE is designed for the bonded display and transaction of overseas jewelry in China. It is applicable to a wide variety of products and locations. Buyers can enjoy, select and purchase fine jewelry from all over the world “in their backyard”. After the reduction of the MFN (Most Favored Nation) tariff rate, it will be more convenient for overseas jewelry to be imported for professional display and business activities, and to further realize “expanding business channels, lowering production costs and tackling weak links” for enterprises.
The Advantages of GZDE’s “BondedDiam” Service
1. Fast customs clearance
2. A wide range of exhibition goods
3. Lower cost
4. Wide display areas
5. Permission to trade
Successful Case of “BondedDiam”
❂ February 2017
[Guangzhou] 2017 Guangzhou International Buyer Seller Meet (Spring) of Diamonds
[Cargo] More than tenIndian diamond suppliers, offering diamonds with a value of over RMB 100 million, attended the India Diamond Week and supply & demand meeting in Guangzhou Panyu.
❂ November 2017
【Shanghai】 2017 China International Gold,Jewelry&Gem Fair (Shanghai)
【Source】 A batch of nearly 10,000 carats of rough diamonds from Botswana were exhibited in Shanghai.
❂ November 2017
【Jiangsu】Brand jewelry and diamond exhibition
【Source】Jewelryfrom Hong Kong's well-known brand, valuing more than RMB 10 million ,was shown in commercial exhibitions and business appreciation activities in Jiangsu Province.
(Pictures for reference only)
Guide of “BondedDiam”
Example: A batch of platinum jewelry and parts thereof, inlaid with diamond(H.S. code: 7113192100), valuing 10 million yuan, was imported from Belgium to Guangzhou for a 7-day trading fair. Before tax reduction, customers need to pay service fee of 9,962 yuan. After 1st July, the customer only needs to pay service fee of 7,932 yuan. Please see the attached"Charge Standard". If the whole batch of goods were sold, the import duty to be paid before 1st July would be 5.66 million yuan. After the tax reduction on 1stJuly, the import duty would be RMB 2.76 million, saving RMB 2.9 million.
Step 1: Preparation
The client shall sign the required agreements and provide the information of the imported goods to GZDE at least 3-5 working days in advance.
Step 2: Shipment
The route is Belgium → Guangzhou.
Step 3: Bonded ImportClearance
On the day of import, GZDEwill handled bonded import clearance procedures for the client, and put the goods intoGZDE’sbonded warehouse.
Step 4: Pay the deposit then leave for exhibition
After guaranteed by deposit or the guarantee specified duties or the specified insurance, the goods are allowed to leave thebonded warehouse. (H.S. code: 7113192100, the import comprehensive tax rate reduced from 56.6% to 27.60%, so the cost of deposit decreased by 51.24%)
Step 5: Return to the Bonded Warehouse
After the exhibition, the client must inform GZDE the plan ofthe goods’return at least 1 working day in advance. GZDE will handle the procedures.
Step 6: Export
According to the sales situation, GZDE will finish the required export formalities and ship the goods oversea.
Step 7: Finish the Follow-up Procedures
GZDE will issue the bill and the service fee invoice. The client shall pay the service fee then the service will be over.
Charge Standard of“BondedDiam” Service
Members of GZDE are welcome to contact the staff to get the Jewelry Tax Rate Table.
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