HS Code 71162005: Jewelry articles of precious or semiprecious stones
Jewelry has been a symbol of wealth, status, and beauty for centuries. It is a form of personal adornment that adds charm and elegance to any outfit. Among the various types of jewelry, those made with precious or semiprecious stones hold a special place. These exquisite pieces are crafted with utmost care and attention to detail, making them highly desirable and sought after.
HS Code 71162005 specifically refers to jewelry articles of precious or semiprecious stones, valued not over $40 per piece. This code helps in the classification and identification of these jewelry items when it comes to international trade and customs regulations. It ensures that these products are categorized correctly and subject to the appropriate duties and tariffs.
When it comes to the importation of jewelry articles with HS Code 71162005 into the United States, several states play a significant role. Connecticut, Florida, Hawaii, New York, Rhode Island, and the Virgin Islands are the primary importing states for these precious pieces. These states have shown a consistent demand for jewelry made with precious or semiprecious stones, valued not over $40 per piece.
On the other hand, California, Florida, Hawaii, Nevada, New Jersey, New York, Rhode Island, and the Virgin Islands emerge as the key exporting states for these jewelry articles. These states possess the necessary resources, expertise, and market access to produce and distribute jewelry items to various domestic and international markets.
It is worth noting that HS Code 71162005 enjoys certain special tariff preference programs. These programs allow for favorable treatment in terms of duties and tariffs. Some of the special tariff preference programs applicable to these jewelry articles include the Generalized System of Preferences (GSP), Australia Special Rate, 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, and Singapore Special Rate.
The inclusion of these special tariff preference programs aims to promote trade and economic cooperation between the United States and the participating countries. By providing duty-free treatment or reduced tariffs, these programs encourage the importation and exportation of jewelry articles of precious or semiprecious stones, valued not over $40 per piece. This facilitates international trade and ensures a level playing field for all trading partners.
HS Code 71162005 plays a crucial role in the classification and regulation of jewelry articles made with precious or semiprecious stones. It helps identify these items and determine the applicable duties and tariffs. With the support of special tariff preference programs, the international trade of these jewelry articles is facilitated, benefiting both importers and exporters. The importing states of Connecticut, Florida, Hawaii, New York, Rhode Island, and the Virgin Islands show a consistent demand for these exquisite pieces, while the exporting states of California, Florida, Hawaii, Nevada, New Jersey, New York, Rhode Island, and the Virgin Islands play a vital role in supplying these products to various markets. HS Code 71162005 ensures that these jewelry articles are recognized and valued appropriately in the global trade landscape.
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