When it comes to international trade, it is essential to have a standardized system in place to identify and categorize products. The Harmonized System (HS) code is a globally recognized system used for this purpose. In this article, we will delve into the details of HS Code 71039950, which refers to "Precious or Semiprecious Stones, nesoi, Worked, Whether or not Graded, but n/strung (ex. Ungraded Temporarily Strung), mtd. or set."
HS Code 71039950 specifically pertains to precious or semiprecious stones that have been worked, but not strung. This means that the stones have undergone some form of processing, such as cutting or shaping, and may be used for various purposes, including jewelry making or decorative items.
One important aspect to note is that the stones can be graded or ungraded temporarily strung. Grading refers to the process of evaluating the quality and characteristics of a stone, such as its color, clarity, and cut. Ungraded temporarily strung stones are those that have not yet undergone this grading process but are strung together temporarily for convenience.
When it comes to trade, countries often impose duties or tariffs on imported goods. The bound or Most Favored Nation (MFN) duty rate for HS Code 71039950 is 10.5%. This means that whenever 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.
It is important to mention that there are special tariff preference programs in place for HS Code 71039950. These programs offer reduced or duty-free treatment for certain countries. For example, the Generalized System of Preferences (GSP) grants duty-free treatment for this product. Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Morocco, Mexico (under NAFTA), Oman, the Dominican Republic-Central American countries (under DR-CAFTA), Peru, and Singapore also have special rates for this HS code.
When it comes to importing this product into the United States, data shows that the state of New York is the primary destination. However, data regarding the exporting states is not available.
HS Code 71039950 encompasses precious or semiprecious stones that have been worked, whether or not graded, but not strung. It is important for traders and importers to be familiar with the specific requirements and duty rates associated with this HS code, especially considering the availability of special tariff preference programs. By understanding the intricacies of HS Code 71039950, businesses can navigate international trade more effectively and make informed decisions regarding the import and export of precious or semiprecious stones.