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bish
Joined: 09 Jun 2007
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 Posted: Tue Jun 22, 2010 3:31 pm Post subject: Import customs tax on diamond rings? |
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I want to order a diamond ring for my wife to be but am not keen to do it here. I have been looking online at shops like Blue Nile and would like to order from there. I have checked the Korean customs website but can't find the information I need regarding customs tax on such items.
Has anyone here imported a diamond ring before and do you remember how much the percentage cost was for customs tax? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jun 22, 2010 5:07 pm Post subject: Re: Import customs tax on diamond rings? |
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| bish wrote: |
I want to order a diamond ring for my wife to be but am not keen to do it here. I have been looking online at shops like Blue Nile and would like to order from there. I have checked the Korean customs website but can't find the information I need regarding customs tax on such items.
Has anyone here imported a diamond ring before and do you remember how much the percentage cost was for customs tax? |
You do realize that the cost of importing (not to mention the cost difference when you buy) will exceed the cost of flying to a free port like Hong Kong and getting one along the golden mile?
The difference in prices alone will pay for the weekend get-a-way (air/hotel/transfers).
Just something to think about.
I don't know about currently but there used to be (as recently as 2006) a 100% import tariff on precious stones and jewelry along with the customs duties (25%) and VAT (10%).
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bish
Joined: 09 Jun 2007
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| Posted: Tue Jun 22, 2010 5:12 pm Post subject: Re: Import customs tax on diamond rings? |
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| ttompatz wrote: |
| bish wrote: |
I want to order a diamond ring for my wife to be but am not keen to do it here. I have been looking online at shops like Blue Nile and would like to order from there. I have checked the Korean customs website but can't find the information I need regarding customs tax on such items.
Has anyone here imported a diamond ring before and do you remember how much the percentage cost was for customs tax? |
You do realize that the cost of importing (not to mention the cost difference when you buy) will exceed the cost of flying to a free port like Hong Kong and getting one along the golden mile?
The difference in prices alone will pay for the weekend get-a-way (air/hotel/transfers).
Just something to think about.
I don't know about currently but there used to be (as recently as 2006) a 100% import tariff on precious stones and jewelry along with the customs duties (25%) and VAT (10%).
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Good info, thanks. Did you go to Hong Kong yourself? Any further tips on good places to look and if buying a couple of rings would be doable over one weekend? |
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tired of LA
Joined: 06 Nov 2006
Location: Seoul
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uklathemock
Joined: 26 Dec 2009
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| Posted: Tue Jun 22, 2010 6:39 pm Post subject: Re: Import customs tax on diamond rings? |
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| bish wrote: |
I want to order a diamond ring for my wife to be but am not keen to do it here. I have been looking online at shops like Blue Nile and would like to order from there. I have checked the Korean customs website but can't find the information I need regarding customs tax on such items.
Has anyone here imported a diamond ring before and do you remember how much the percentage cost was for customs tax? |
Don't do it unless your buying a ring for a customs agent. It will be confiscated and on the finger of one of their wives. You'll spend 6 months and a few thousand dollars on legal fees to get it back. >.< |
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stevelad_83
Joined: 13 Oct 2008
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| Posted: Sun Jun 27, 2010 9:23 pm Post subject: |
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Hi,
I'm having an engagement ring sent from a relative in the US. Do I have to declare it to customs? Should I state that there is a ring in the box, or just send it as something else?
I really don't want to pay an import tax; I have already paid US taxes!
Thanks. |
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stevelad_83
Joined: 13 Oct 2008
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| Posted: Mon Jun 28, 2010 4:26 pm Post subject: |
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| *bump* |
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mayorgc
Joined: 19 Oct 2008
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| Posted: Mon Jun 28, 2010 4:34 pm Post subject: |
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If you don't declare the contents, then prepare to have your package stolen.
If you declare your ring, you're going to get dinged an astronomical figure. It literally would be cheaper to just fly offshore and buy it outside of Korea. Lots of places won't even ship to Korea, keep that in mind. |
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stevelad_83
Joined: 13 Oct 2008
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| Posted: Mon Jun 28, 2010 4:59 pm Post subject: |
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| Thanks for the info. It is an antique ring, so I'm not looking to buy another one. My dilemma is whether to declare it, and pay the price ($600), or not declare it (send it in a care package with other stuff), and risk losing the ring! |
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brento1138
Joined: 17 Nov 2004
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| Posted: Mon Jun 28, 2010 5:09 pm Post subject: |
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| I agree with the other posters. Go to Hong Kong, fill up on Dim Sum, and buy that ring! |
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stevelad_83
Joined: 13 Oct 2008
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| Posted: Mon Jun 28, 2010 5:17 pm Post subject: |
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Again,
I already have the ring. I don't want to buy another one. Maybe I can find someone who wants to come visit, and get them to bring it. |
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Dr. Whom
Joined: 06 Mar 2010
Location: South Korea
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| Posted: Mon Jun 28, 2010 5:59 pm Post subject: |
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I recently had 1/2 ounce. (14g) 14K signet ring shipped over from
the UK. It went right through customs without being opened. I do
the same thing with cigars from HK. Duty is for suckers.
http://www.jewellerycatalogue.co.uk/
Check out the above link. I thought it was great quality with a great
price. I searched for months before I bought my ring. This place
is the ABSOLUTE best. |
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stevelad_83
Joined: 13 Oct 2008
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| Posted: Mon Jun 28, 2010 6:07 pm Post subject: |
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Dr. Whom,
Was the ring sent by courier? Did it state the product and the value on the package?
Thanks for the link! |
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uklathemock
Joined: 26 Dec 2009
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| Posted: Mon Jun 28, 2010 9:34 pm Post subject: |
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| stevelad_83 wrote: |
Dr. Whom,
Was the ring sent by courier? Did it state the product and the value on the package?
Thanks for the link! |
You can't state the correct value unless you want to be taxed up the wazoo.
Anything with a value over $150 including the shipping costs, has to pay their (protectionist principles) tax. So, if the package is valued at $120 and the shipping is $35, you'll be paying duties. I learned the hard way.
I've had things shipped over in plain packages by U.S. mail (undeclared), but nothing as precious as a diamond. |
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stevelad_83
Joined: 13 Oct 2008
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| Posted: Mon Jun 28, 2010 9:45 pm Post subject: |
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| So I just spoke to the customs people; the tax on a $3,300 ring is $1,190. What a bargain! Looks like I'll be taking a trip to America, and coming back with the ring on my finger! |
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