The HS Code 68042100 refers to a specific product category known as millstones, grindstones, grinding wheels, and the like, made of agglomerated synthetic or natural diamond. This code is used to classify and identify these products for trade and customs purposes.
When it comes to international trade, the HS code plays a crucial role in ensuring that goods are properly classified, allowing for accurate documentation, tariff determination, and trade statistics. It serves as a universal language for traders, customs officials, and other stakeholders involved in global commerce.
Millstones, grindstones, and grinding wheels are tools commonly used in various industries for cutting, grinding, and polishing purposes. They are made of agglomerated synthetic or natural diamond, which is known for its exceptional hardness and abrasion resistance.
The HS code 68042100 includes various types of millstones, grindstones, and grinding wheels, regardless of their shape, size, or specific application. This code covers both synthetic and natural diamond-based products, ensuring that all relevant items are properly classified.
One important aspect to consider when dealing with the HS code 68042100 is the duty rate. Currently, the bound and most-favored nation (MFN) duty rate for this product category is free. This means that countries are not required to impose any tariffs or duties on the importation of millstones, grindstones, grinding wheels, and similar products made of agglomerated synthetic or natural diamond.
However, it's important to note that there are special tariff preference programs in place for certain countries. These programs allow for duty-free treatment or preferential rates for specific trading partners. For example, countries like Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Peru, Singapore, and others enjoy special rates or duty-free treatment when importing these products.
These special tariff preference programs aim to promote trade and economic cooperation between countries, providing incentives for importing specific goods. As a result, businesses and consumers in these countries can access millstones, grindstones, grinding wheels, and similar products made of agglomerated synthetic or natural diamond at more favorable rates.
It's worth noting that the quantity unit for the HS code 68042100 is "number" (NO). This unit indicates that the products are typically measured and traded based on the number of pieces or units, rather than weight or volume.
the HS code 68042100 refers to millstones, grindstones, grinding wheels, and the like, made of agglomerated synthetic or natural diamond. This code is used for proper classification, documentation, and tariff determination in international trade. While the bound and MFN duty rate for this product category is free, there are special tariff preference programs in place for certain countries, allowing for duty-free treatment or preferential rates. These programs aim to promote trade and economic cooperation between countries, benefiting businesses and consumers alike.