The Jewelry Importer
Although it may seem very tempting to start a business in jewelry importations, giving you the
impression that it is very easy to work with luxurious objects and whirl around huge sums of money, working as a
jeweller importer or a jewelry retailer may be not be as easy as it seems. If you still choose to do this, the most
important thing you need to know is whether you are paying the real price for a piece of jewelry or you are
Just like in the case of any other product, the cost is established according to the demand. For
example, if you take silver, this is a precious metal and various countries host over six hundred fifty million
ounces of if every year.
Resting a little on this branch, silver is used in a large number of
industries, not only in jewelry. You can also find it useful in the electronics industry, in the photography
industry or in medicine and for each and every such domain, the price of silver varies a lot. The last thirty
years have known amazing price spans, from 19.45$ for a Troy ounce to over 16$, this fluctuation making silver
jewelry industry very profitable for the jewelry importer as it is far less expensive.
Taking a look on the other side, from 1985 and up to the present, the price of gold has
increased a lot, from three hundred dollars per ounce to somewhere around one thousand dollars, which has led to a
significant increase of the price of imported gold. Therefore, due to such details, being a jewelry importer asks
for a great amount of attention when it comes to prices, so that you do not find yourself at loss in the end.
As far as licensing is concerned, in the case of US imports, the majority of fashion jewelry and
fashion accessories do not require any additional licensing or import details of other governmental agencies, so
the only problem you should take care of as a jewelry importer are the US customs. Of course, these conditions are
valid if that particular country you are importing jewelry from is an appropriate trade partner and is in good
trade relations with the USA. For example, if you are trying to bring products from North Korea or Cuba, you might
have some difficulties, because these countries do not really fit in the category mentioned above.
You should know that no matter what you import into the United States of America, you are due to
pay an import tax, which can vary between 0% and 20% of the value you declare. In the US, the average import tax is
3-5%, while the value of import equals the market rate. When importing multiple items, you should be aware of the
US Harmonized Tariff Schedule, which imposes on jewelry importers that each product has a classification number
made of ten digits, a number which helps with establishing the eligibility and rate of duty of the product when it
comes to special trading programs.