HS Code 71162015: Jewelry articles of precious or semiprecious stones
Jewelry has always been a symbol of beauty and elegance. It is a form of self-expression and personal adornment that has been cherished throughout history. The HS Code 71162015 specifically refers to jewelry articles made of precious or semiprecious stones, with each piece valued at over $40.
One of the key aspects of the HS Code is the duty rate associated with the import or export of the product. In the case of HS Code 71162015, the bound or MFN (Most Favored Nation) duty rate is 6.5%. This means that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners.
It is important to note that no units are collected for this HS Code (X). This means that the quantity unit for these jewelry articles is not specified or measured.
However, there are special tariff preference programs available for HS Code 71162015. These programs allow for duty-free treatment for jewelry articles of precious or semiprecious stones. The countries eligible for these special tariff preferences include Australia, Bahrain, Canada (under NAFTA), Chile, the European Union, Israel, Japan, Jordan, Morocco, Mexico (under NAFTA), Oman, Peru, Singapore, and various other countries.
When it comes to importing these jewelry articles into the United States, several states are involved. The states that import HS Code 71162015 products include Connecticut, Florida, Hawaii, New York, Rhode Island, and the Virgin Islands. These states have recognized the value and demand for such exquisite pieces of jewelry.
On the other hand, the exporting states within the United States for HS Code 71162015 products include California, Florida, Hawaii, Nevada, New Jersey, New York, Rhode Island, and the Virgin Islands. These states have recognized the market potential and have taken advantage of the demand for these jewelry articles.
The HS Code 71162015 plays a crucial role in ensuring the proper identification and classification of jewelry articles made of precious or semiprecious stones. It allows for the determination of duty rates, the eligibility for special tariff preference programs, and the tracking of import and export activities.
HS Code 71162015 represents jewelry articles of precious or semiprecious stones valued over $40 per piece. It is important for businesses and individuals involved in the import or export of these jewelry articles to be familiar with the HS Code and its associated regulations. By understanding the HS Code and its implications, one can navigate the international trade landscape more effectively and take advantage of the various benefits and opportunities available.
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