Commercial imports of precious gems such as diamonds, pearls, jewelry and precious and semi-precious gems valued at $2500 or more will require a formal customs entry to the United States.
How did your diamond get to the United States?
When importing Into the United States you need to be familiar with the information in the Trade Act of 2002 which includes the Customs Modernization Act, put into effect on December 8, 1993. The periodical “Importing into the United States” deals with the guidelines on importing with the CBP. The guideline requirements have essentially changed the affiliation among importers and Customs Border Protection by changing to the importer the lawful task for declaring the worth, categorization, and fee for duty appropriate to the entered precious gems.
An important facet of the Mod Act is the association between the Customs Border Protection Agency and importers that is characterized by informed acquiescence. A critical part of informed acquiescence is the collective accountability between the Customs Border Protection and the import community. A license is not a requisite to import the precious gems for business purposes; but, a Form 301 from the Customs Bond Customs Border Patrol is required for all recognized entries. A bond may be obtained from a surety company. During this time you may want to consider employing a Customs Broker to implement your entries on your behalf.
When importing precious gems and metals, requirements are established for dealers in the Patriot Act. The agency responsible for developing the regulations regarding the compliance and registration programs is the Financial Center. Individual imports of precious gems are typically cleared easily and do not need a Customs bond. But, if purchased while you were out of the country, make certain you declare the precious gems when clearing Customs and Border Protection (CBP) on the CBP Form 6059B.
Imports of precious gems such as rubies, emeralds, diamonds, pearls, and sapphires from countries with regular trade relation conditions are duty-free as long as they are not permanently set, mounted or strung. Added duty rates for the precious gems can be found in the Harmonized Tariff Schedule (HTS). When these
precious gems are mounted, set and strung with a precious metal, the classification changes to jewelry and is subject to duty.
The precious gem diamonds need a Kimberley Certificate.
The Kimberley Process is an organization that regulates trade in rough diamonds and holds an international certification. Its objective is to stop the importation of conflict diamonds in hopes that it will help to guard lawful trade in rough diamonds. The rules that govern the trade in rough diamonds are derived from the Kimberley Process Certification Scheme. The Kimberley Process Certification Scheme has developed a set of minimum requirements that each participant must meet.
Importers may also wish to obtain guidance from knowledgeable experts who specialize in importing, for example, licensed customs brokers, attorneys or consultants. With so many laws and regulations when importing precious gems the penalties can be costly.
Let us help you with your valuable imports by handling all the necessary paperwork. Contact us today for a quote!