China reduces Import Tariffs Jewelry
The Customs Tariff Commission of the State Council in China issued the "Notice on Reducing the Import Tariffs of Daily Consumer Goods" a few days ago. According to the notice, China will cut Most Favored Nation (MFN) tariffs for daily consumer goods involving 1,449 tax items starting July 1. 18 tax items involving jewelry categories are included.
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%.
LIANG Weizhang, general manager of Guangzhou Diamond Exchange, said this is the first time that China cuts the import tariffs on jewelry categories in recent years 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.
As the only diamond trading platform approved by the Guangdong Provincial Government and a state-own company, Guangzhou Diamond Exchange (GZDE) not only provides the import & export services of jewelry product, but also helps to guarantee the genuineness of the overseas products supplied.
On one hand, GZDE provides with bonded warehousing, sorting, simple processing, appraisal, exhibition services, enabling foreign brands exhibiting all over China under bonded condition, and the collection of tax could be finished later whenever there is transaction concluded.
On the other hand, GZDE helps foreign jewelry brands to gain trust from the clients with a traceable supply chain (including logistics and customs clearance) and also offers intellectual property protection services for the brands.
Chinese consumers are always eager for higher qualities and better designs. With a huge growth potential, the China market is waiting for your participation.
