Mojdeh Checks in On Rubies

Mojdeh,

What you have highlighted is precious stones, ready for end-user sales, rubies specifically, you have to declare how many carats you are bringing in, and the duty is 10.5% from WTO member countries, except for a dozen or so countries where it is either low or duty free. Duty from non-wto countries is 50% (say Vietnam). Those dozen or so countries, such as "A" can be found in the front of the document you downloaded, although it really does not matter... you will go where everyone else goes, regardless of the duty rate.

Duty rate is based on what you paid for the goods overseas, not landed cost, not US sales price. What you paid. If they cost you $50, then you pay 10.5% or $5.25 in duty. Make sense?

John

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On Nov 2, 2008, at 11:30 AM, mojdeh wrote:

Hi John,

I have been trying to find the HTS number for what I am considering (Jewelry: gold with precious/semi precious stones, pearls) for import. I listened to your videos and having a hard time figuring out how to read the HTS table (71)...

I am attaching a section out of the 71 category and have highlighted a section that I hope you can translate for me. Can you? this is the best way I may be able to learn how to read and interpret the information.

Also, is it possible that you may need to use various HTS numbers (within the same category) depending on what is included and what is not?

Will you be covering how tariff is calculated? Is my understanding correct that you pay not based on what cost you but based on what the retail price in US will be? So it may cost $50 to manufacture (making up these numbers) and the retail value based on normal mark up may be $400, then tariff will be based on $400? then again you pay tax on your income when sold to retailers/customers?

Thanks,

Mojdeh

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