Korean Job Discussion Forums

[xCustomx]

I'm buying an engagement ring while in America on vacation, but will I be required to pay tax when I bring it back? I don't want to let the ring out of my sight, so I plan to keep it on me during the entire flight. In addition to the ring, I'm buying some expensive clothes and handbags that my gf wants me to buy for her (she's giving me the money). Will customs question me upon arrival?

[PRagic]

Nope, just walk on in. You'll be fine. Plus, diamonds and diamond jewelry are a complete rip off in this country. If you're planning on buying her at least one K, you'll make out quite well by bringing one in.

[xCustomx]

[suadente]

Be sure to take the tags off the cloths, just to be safe.

I saved over a thousand dollars on Tiffany's wedding bands by getting them in America instead of Korea.

Another way to save money: buy in a different state, and then have the jewelers ship the ring(s) to you. That way, you're free from state tax.

[xCustomx]

Blue Nile is in the state which I'm from, so I would have had to pay 9% sales tax, which would have added hundreds of dollars.

The taxes on diamonds in Korea are close to 22%, so if you plan to drop at least 5,000,000 on a ring, you're paying more than 1million won in taxes.

[Matilda]

I did the same last year... bought our e-ring while home in Oz, claimed back the tax at the airport (because I am a non-resident!) and carried it over to Korea.

Didn't declare it at Incheon, didn't feel the need to

[MissSeoul]

Unless you bring huge amount of gold for purpose of making profit you don't need to worry ( gold is always much more expensive in Korea than outside world ).
When I came back from Saudi Arabia I've brought 30+ jewelries, it was mostly gold, few of them were gold bars, but it was no problem.

Oh, I didn't report because I didn't feel that is necessary, it was inside my suitcase

[Zaria32]

Buying in one state and having it shipped to another state works once in a while. But because the transaction took place in the buying state, the
shopkeeper will be in deep trouble if he's caught not charging state
sales tax. Many shopkeedpers, understandably, won't do it.

[pkang0202]

Couldn't you just buy like $20,000 worth of diamonds in the US, then bring them with you to Korea and sell them to vendors?

Would you be able to make a good profit?

[PRagic]

You might be able to rustle up some profit, but basically you'd just be elevating the price to in-country market levels as they exist already. Diamonds here go about 20-30% more by carat for lesser quality stones. If you bring in and sell a marginally bigger, better quality stone and sell it for a markup, it'd cost your average Korean about the same as it would had they just gone to a department store.

Let people worry about their own jewelry purchases and just concentrate on buying something nice for your future better half. You'll be happier in the long run.

[Juregen]

[grendellives]

Are you familiar with suppositories?

Problem solved!


http://en.wikipedia.org/wiki/Suppositories