Wrist watches have been a popular accessory for centuries, serving both as a practical timekeeping device and a fashion statement. The HS Code 91012950 specifically refers to wrist watches with cases made of or clad with precious metal, not electrically operated, not automatic winding, and with 8-17 jewels. Additionally, the movement of these watches must have a value over $15. Let's explore the details and implications of this HS Code.
The wrist watches covered by HS Code 91012950 are designed with cases made of or clad with precious metal. This includes materials such as gold, silver, platinum, and other metals of high value. These watches are not electrically operated, meaning they do not rely on batteries or external power sources. They are also not automatic winding, requiring manual winding to keep them functioning.
Furthermore, the watches included in this HS Code have a movement with 8-17 jewels. The jewels refer to small synthetic stones used as bearings in the mechanical movement of the watch. The presence of jewels indicates a higher level of precision and quality in the timekeeping mechanism.
To meet the criteria for this HS Code, the movement of the watches must have a value exceeding $15. This value represents the cost of the internal components and mechanisms that make the watch function.
The bound or most-favored-nation (MFN) duty rate for products classified under HS Code 91012950 is 90 cents each, with an additional 4.4% duty applied to the case, strap, band, or bracelet of the watch. The duty rate is the amount of tax or tariff imposed on the imported goods.
It's important to note that when 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 principle ensures fair and equal treatment in international trade.
The quantity unit for products classified under HS Code 91012950 is a number (NO). This means that the quantity of wrist watches imported or exported is measured in numerical terms, rather than weight or volume.
Several special tariff preference programs apply to products classified under HS Code 91012950. These programs offer reduced or duty-free treatment to specific countries. Here are some of the programs and the countries eligible for them:
The following US states are known for importing wrist watches classified under HS Code 91012950:
Based on the available data, the primary US state exporting wrist watches classified under HS Code 91012950 is the Virgin Islands.
Overall, HS Code 91012950 covers a specific category of wrist watches with cases made of or clad with precious metal, not electrically operated, not automatic winding, with 8-17 jewels, and movement valued over $15. The bound duty rate, special tariff preference programs, and importing/exporting states provide additional information on the trade and regulations surrounding these watches. Whether you're a watch enthusiast or a trader, understanding the HS Code and its implications is essential for navigating the global market.