Harmonized System Codes • Schedule B • Harmonized Commodity Description

Understanding HS Code 71021000: Diamonds, Unsorted, Whether or Not Worked

When it comes to international trade, the identification and classification of goods is crucial. This is where the Harmonized System (HS) Code comes into play. Each product is assigned a unique HS Code, which helps standardize the classification of goods across countries. In this article, we will delve into the details of HS Code 71021000, which pertains to diamonds, unsorted, whether or not worked.

Product Description:

• Diamonds falling under HS Code 71021000 are unsorted and can be either worked or unworked. This means that they can be in their natural state or have undergone some form of processing.

Bound / MFN Duty Rate:

• The bound or most-favored-nation (MFN) duty rate for this HS Code is free. This means that countries must eliminate any trade barriers or open up their markets for diamonds falling under this HS Code from all their trading partners.

Quantity Unit:

• The unit of measurement for diamonds falling under HS Code 71021000 is carats (CAR). Carat is a standard unit used to measure the weight of diamonds and other gemstones.

Special Tariff Preference Programs:

• Diamonds falling under HS Code 71021000 enjoy special tariff preferences in certain countries. These preferences allow for reduced or eliminated duty rates. The countries offering these preferences include:
• Australia (Generalized System of Preferences - duty-free treatment)
• Bahrain (Special Rate)
• Canada (NAFTA - duty-free treatment)
• Chile (Special Rate)
• Caribbean Basin Initiative (CBI)
• Israel (Special Rate - duty-free treatment)
• Andean Trade Preference Act (ATPA)
• Jordan (Special Rate)
• Morocco (Special Rate)
• Mexico (NAFTA - duty-free treatment)
• Oman (Special Rate)
• Dominican Republic-Central American (DR-CAFTA) (Special Rate)
• Peru (Special Rate)
• Singapore (Special Rate)

Importing US States:

• HS Code 71021000 allows for the importation of diamonds, unsorted, whether or not worked, into all states of the United States.

Exporting US States:

• HS Code 71021000 allows for the exportation of diamonds, unsorted, whether or not worked, from all states of the United States.

Understanding the HS Code 71021000 and its associated details is essential for importers, exporters, and customs officials. It ensures proper classification, facilitates trade negotiations, and enables the implementation of tariff preferences. By adhering to the regulations and guidelines set forth by the HS Code, countries can engage in fair and transparent international trade.