Precious or semiprecious stones have been treasured for centuries for their beauty and value. These stones, also known as gemstones, are cut and polished to enhance their brilliance and used in the creation of stunning jewelry pieces. HS Code 71039910 specifically refers to precious or semiprecious stones that are cut but not set, and are suitable for use in the manufacture of jewelry.
When it comes to international trade, the HS code plays a crucial role in classifying and categorizing products. HS stands for Harmonized System, and it is used globally to facilitate the uniform identification of goods. Each HS code represents a specific product or group of products, allowing for easy identification and tracking in trade transactions.
The HS code 71039910 is assigned to precious or semiprecious stones that are not yet set in jewelry. These stones can include diamonds, rubies, sapphires, emeralds, and other valuable gems. They are cut and shaped to showcase their beauty and can be used in various types of jewelry, such as rings, necklaces, earrings, and bracelets.
Importing and exporting these stones may be subject to various duty rates depending on the country and any applicable special tariff preference programs. The bound or most-favored-nation (MFN) duty rate for HS code 71039910 is free. This means that every time a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners. This promotes fair and equal trade among nations.
Additionally, there are several special tariff preference programs available for this HS code. These programs offer reduced or duty-free treatment for specific countries. For example, the Generalized System of Preferences (GSP) provides duty-free treatment for these stones. Other programs include the Bahrain Special Rate, NAFTA for Canada, Chile Special Rate, Caribbean Basin Initiative (CBI), Israel Special Rate, Andean Trade Preference Act (ATPA), Jordan Special Rate, Morocco Special Rate, NAFTA for Mexico, Oman Special Rate, Dominican Republic-Central American Special Rate (DR-CAFTA), Peru Special Rate, Australia Special Rate, and Singapore Special Rate.
The quantity unit for this HS code is recorded as "no units collected (X)." This indicates that the specific quantity of stones imported or exported under this code is not measured in units, but other methods of measurement or valuation may be used.
In terms of trade flows, the data shows that the importing US state for HS code 71039910 is New York. This means that a significant amount of these precious or semiprecious stones enter the United States through New York. As for the exporting US states, the data shows that New York is also a major hub for the export of these stones.
HS code 71039910 represents precious or semiprecious stones that are cut but not set, and suitable for use in the manufacture of jewelry. These stones hold significant value and are sought after for their beauty and rarity. The code is used to classify and track these stones in international trade, and various duty rates and special tariff preference programs apply depending on the country and specific trade agreements. New York plays a prominent role in both the import and export of these stones, highlighting its significance in the global gemstone market.