Import Duties on Gold

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The United States uses a Harmonized Tariff Schedule (HTS), which lists by internationally recognized code all products that can be imported into the U.S. according to internationally agreed-upon categories and classifications. Gold is classified under precious metals, and the duties for different kinds of gold are listed in Chapter 71. Duties and regulations are updated frequently, so the HTS has to be checked to ensure information is current.

Preferential Status

  • The United States has three tiers of duties depending on the country of origin of a given product. The most common is the general duty, which is assessed on any country that the U.S. has open relations with but no trade agreements. The second-most common is the preferential duty, which is given to products from countries that the U.S. has a trade agreement with specifying reduced or eliminated duties in certain areas. No duties are charged on gold from the following countries: Australia, Bahrain, Canada, Chile, Israel, Jordan, Mexico, Morocco, Oman, Peru and Singapore. The third tier is a high duty assessed on products from countries that the U.S. does not have regular trade relations with, such as North Korea, Iran and Cuba.

Gold in Bulk

  • Gold in bulk--including gold-plated platinum, gold powder, unwrought and semi-manufactured gold--is assessed in grams. Most non-monetary gold, including gold powder and bullion, are not charged tariffs when entering the United States. However, unwrought forms that are not powder or do not fall under the bullion category are subject to a 4.1 percent duty per gram. Likewise, semi-manufactured gold such as gold leaf and unmarked rectangular sheets are duty free, but any other kind of semi-manufactured gold is assessed a 4.1 percent duty per gram.

Worked Gold

  • Necklaces, chains and rope of gold are assessed a 5 percent duty, although clasps are 5.8 percent. Other jewelry items are 13.5 percent if not more than $18 per dozen parts or pieces, and 5 percent for everything else. Monetary gold is duty free, as are gold coins.

References

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  • Photo Credit gold coin image by Sid Viswakumar from Fotolia.com

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