Chapter 71: Precious Stones and Metals
Chapter 71 of the Harmonized Tariff Schedule (HTS) covers precious stones and metals, encompassing a variety of products that are essential in various industries. This chapter includes natural and cultured pearls, precious stones like diamonds and rubies, semi-precious stones such as amethyst and garnet, as well as precious metals like gold and silver. Common examples of products imported under this chapter are diamond jewelry, pearl necklaces, gold bullion, and silver coins. Industries such as jewelry manufacturing, luxury goods, and investment banking frequently import these items to meet consumer demand and investment needs. Importers should be aware of regulatory considerations like valuation requirements, potential tariffs, and compliance with the Clean Diamond Trade Act, which aims to prevent the trade of conflict diamonds. Additionally, certain gemstones may require certification to ensure they are conflict-free, and customs documentation must accurately reflect the nature and value of the goods. Understanding these regulations is crucial for smooth import operations and avoiding penalties.
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