12-6-2018
The Customs Tariff Commission of the State Council in China issued the "Notice on Reducing the Import Tariffs of Daily Consumer Goods" last week announced the import taxes reduction on an array of consumer goods involving jewellery with an average drop of 68 percent starting at 1 July.
The tariff cuts on gold and silver jewellery will be 20 percent to 8 percent, tariffs on platinum and other precious metals, natural or cultured pearl products, gemstones and semiprecious stones will slide from 35 percent to 10 percent.
“This is the first time that China [has cut] the import tariffs on jewellery categories in recent years,” Liang Weizhang, general manager of Guangzhou Diamond Exchange said. "In the past, jewellery has more often been regarded as a luxury product, but now it has been listed as daily consumer goods. For foreign jewellery brands, it is definitely a huge business opportunity to step more into the China market with decreasing price gaps caused by the tax,” he added.
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