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Chasing a dream…

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24 july 2018

China cuts import tariffs on 18 jewelry categories

08 june 2018
According to the notice of the Customs Tariff Commission of the State Council, China will cut Most Favored Nation (MFN) tariffs for daily consumer goods involving 1,449 tax items starting July 1. Eighteen tax items involving jewelry categories are included, says a press note from Guangzhou Diamond Exchange.

Image credit: Guangzhou Diamond Exchange

The MFN import tariff rate for Gold and silver jewelry products will be reduced from 20% to 8%, and that for platinum and other precious metal products from 35% to 10%, and for natural or cultured pearl products, gemstones or semi-precious stones products from 35 % to 10%. The average tariff drop for the 18 jewelry tax items will be 67.75%.
Apart from the tariff, there is a value-added tax (VAT) of 16% needed to be collected at the import stage, and a consumption tax will be further levied for some items. The Graph provided by Guangzhou Diamond Exchange shows the Comprehensive Tax Rate change for some of the jewelry items.
Liang Weizhang, general manager of Guangzhou Diamond Exchange said, “This is the first time that China has cut the import tariffs on jewelry categories and the tariff drops for jewelry products are much greater than gems raw materials. In the past, jewelry is more often regarded as luxury products, but now it has been listed as daily consumer goods. Chinese cabinet called the tariff cuts a move conducive to expanding,  opening-up, meeting the demands of the people and boosting quality and industrial upgrading. For foreign jewelry brands, it is definitely a huge business opportunity to step more into the China market with decreasing price gaps caused by the tax. China has been one of the most important luxury and jewelry markets worldwide, and the gate of China is more and more opening up.”

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished