How to Import Gems

Gems can be beautiful and lucrative. Getting into the business of importing them can be a challenge, thanks to regulations and duties.

Difficulty: Challenging

Instructions

1. Acquire a customs broker. According to Informed Trade, a customs broker has "access to systems and knowledge to file Customs entries in an efficient manner and utilize importer best-practices to speed import clearances and reduce import duties." Companies like Merchant's Custom House Brokerage Inc. can help.

2. Be prepared to pay high duties for gemstones, due to their high value and limited availability. You should set aside money in your budget for this expense.

3. Become familiar with the classifications of the various precious stones and gemstones. This will help you when you decide on which gems to import. You can find this information online.

4. Learn where the various precious stones and gemstones can be found. Diamonds, for example, can be found mostly in Africa, garnets in the US, India, Sri Lanka, Brazil and some parts of Africa. Such information is helpful in deciding which countries on which you will concentrate to acquire your gems.

5. Familiarize yourself with the Harmonized Tariff Schedule of the United States which lists the classification and duty rates of precious stones, semi-precious stones, pearls, and jewelry. This is an important document for all gem importers.

Resources

• Harmonized Tariff Schedule of the United States
• Merchant's Custom House Brokerage Inc. provides a customs agent

[GP77]

on 6/12/2008 As a gem importer, it's frustrating to continue to come across the misinformation that this article contains. Yes, it is helpful to contact a customs broker, but there the US does not charge duties for importing gemstones. Claiming that it does leads to unnecessary gemstone smuggling. As it states on the US customs and border patrol website, "Imports of diamonds, pearls, rubies, sapphires and emeralds from countries with normal trade relation status are duty free as long as they are not permanently strung, set or mounted."

An article on the Ganoskin website goes on to state the same, " The United States has no import duties on loose gemstones, and yet gems are often smuggled by people who believe the duties exist, according to representatives from the customs office in Miami, Florida."