Starting July 1, import taxes on jewelry to China will be much lower, according to IDEX Online. In total, China is reducing Most Favored Nation (MFN) tariffs on 1,449 tax items.
The tariff rates for gold and silver jewelry products is reduced from 20% to 8%; platinum and other precious metal products are reduced from 35% to 10%; natural or cultured pearl products, gemstones or semi-precious stones products are reduced from 35% to 10%. According to the report, “the average tariff drop for the 18 jewelry tax items in the list of categories seeing import duty reductions will be 67.75%”.
Liang Weizhang, General Manager of Guangzhou Diamond Exchange, lauded the move, saying: “In the past, jewelry has more often been regarded as a luxury product, but now it has been listed as daily consumer goods. 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”.
