own diamond set in US: duty & vat on setting only or total?

[Acinom]

On advice by some of you I further investigated to have my OEC set by Victor Canera in the US. I love the french cut design and it might not be possible to have it custom made in Europe. Especially as lower coloured melee is needed.
VC can source lower coloured melee and said he works with a very reliable transporter. It all sounded very promising. I was initially very hesitant to let my OEC travel across the ocean.

I assumed however that I only needed to pay duty (2,5 % of 21%) and VAT (21%) on the setting. I contacted the transporter today with some questions and he said that duty and VAT are due on the total worth. Insurance value of my stone alone is 60.000$ and duty and VAT would be more that the setting would cost me.

European Pricescopers: do you have experience in this area? Did you pay the taxes on the added value (the setting) or also on your own diamond?

 

[DiamondXXX]

Re: own diamond set in US: duty & vat on setting only or tot

Hi Acinom,

thank you for your extremely helpful response on my french cut post. Will react on there tonight, but right now I thought I get back to you on this, since I am also from Europe (actually also living in Belgium - isn't it funny living an hour's drive from Antwerp and shopping for diamonds in the US . ). I am very surprised about what you mentioned with the tax. I mean - do you have any paperwork on your OEC that could show you already had it and therefore "payed the tax in the past", so you are not IMPORTING the diamond to EU? I was discussing similar issues with BGD when talking about their upgrade policies, and they confirmed that I would only pay taxes on the difference should they take back my old diamond and I get a new, more expensive one. But we are talking "new" or "recent" diamond, I have all the paperwork and would be able to show it to the officials. I cannot imagine that you would have to pay tax on everything even when you can prove the diamond was sent out of Europe where it was purchased previously and not imported to it. I saw that noone replied, did you get any additional informatiom elsewhere? Many thanks!

 

[Acinom]

Re: own diamond set in US: duty & vat on setting only or tot

Hi Diamondxxx
The information I received from the duty department and the shipper was unclear and not consistent. I the end I decided not to take the risk: Victor Canera made the ring without my center stone.

The duty I had to pay on the various settings varied wildly, ranging from 0% to the maximum percentage

 

[DiamondXXX]

Re: own diamond set in US: duty & vat on setting only or tot

Did the metals for the settings differ?

I had once to pay dirrectly at the delivery to the Fedex person with a terminal, another time and invoice arrived much later per mail... I find it confusing as well. I have the upgrade policy, but honestly I am not sure I would really dare to take the risk, eventhough like I said when I discussed with Brian Gavin he assured me, that he has done this. I would probably look for similar information on PS. But how to do with an older diamond/inherrited or vintage piece etc, where the paperwork is lacking I don't know.

So from what I understood Victor made the setting and Diamond House in Antwerp set the stone? What information did Victor Canera need? Was the certificate data sufficient, or were measurements necessary?

 

[DiamondXXX]

Re: own diamond set in US: duty & vat on setting only or tot

Dear Acinom, I wrote the above message a while ago but it could be of interest to me again soon - could you please describe me how that setting of a stone that does not leave Europe by Victor Canera works? Starting point is that I have a diamond and want VC setting. And I could ask Diamond House in Antwerp to complete the ring... what are the necessary steps? Based on what information (photos? Measurements etc) does Victor make such a setting? Do I need to comunicate with DH throughout the process or get the setting sorted between me and VC and contact them later to set the diamond in?
Many many thanks!

 

[Acinom]

Re: own diamond set in US: duty & vat on setting only or tot

Dear Acinom, I wrote the above message a while ago but it could be of interest to me again soon - could you please describe me how that setting of a stone that does not leave Europe by Victor Canera works? Starting point is that I have a diamond and want VC setting. And I could ask Diamond House in Antwerp to complete the ring... what are the necessary steps? Based on what information (photos? Measurements etc) does Victor make such a setting? Do I need to comunicate with DH throughout the process or get the setting sorted between me and VC and contact them later to set the diamond in?
Many many thanks!

I have only just now seen your message. Sorry for your late reply. First you would have to contact Victor. He will have to determine whether it's possible to make the setting without the stone: for a solitaire type ring it will be easier compared to a halo setting. If it is possible in your case you can then contact any local jeweller to set the stone.
Hope this helps. Don't hesitate to ask more questions

 

[DiamondXXX]

Re: own diamond set in US: duty & vat on setting only or tot

Thank you very much Acinom. I think it should be possible, since I am considering either something very simple solitair-ish, or the Sophia like you did with your OEC. Were the measurements and data from a certificate sufficient? What data did you exchange on the stone itself to make sure it really fits? Did you send Victor pictures of the stone etc? I am just a bit worried whether the setting will really "fit" plus if I would buy a real antique here in Europe, or via an auction etc, I am not sure whether I would have the certificate/sufficient data for such a transaction on distance.

 

[Acinom]

Re: own diamond set in US: duty & vat on setting only or tot

Thank you very much Acinom. I think it should be possible, since I am considering either something very simple solitair-ish, or the Sophia like you did with your OEC. Were the measurements and data from a certificate sufficient? What data did you exchange on the stone itself to make sure it really fits? Did you send Victor pictures of the stone etc? I am just a bit worried whether the setting will really "fit" plus if I would buy a real antique here in Europe, or via an auction etc, I am not sure whether I would have the certificate/sufficient data for such a transaction on distance.

Hi
In my case the numbers from the certificate were sufficient. Especially since my OEC is rather symmetrical. I indeed also sent pics and my jeweller in Antwerp verified the color (mine is a U-V stone that faces up relatively white. Victor combined it with N-colored sidestones and it's a great match.

If your future stone is not symmetrical, Victor will not accept the job.

David Klass has also made settings without the stone.

 

[DiamondXXX]

Re: own diamond set in US: duty & vat on setting only or tot

Thank you once again for all your help Acinom... so my quest continues

BTW there is now a Leon Mege ring with OEC & French cuts for sale on Jewels by Grace (no price there yet, the diamond is now out for grading)... it would be an 2.64 OEC and not a cushion, and rather warm in color (a K I think - I was hoping for a cushion and AGS000, so either GOG or Canera) but still very very tempting... will see how the price will be.

 

[Acinom]

Re: own diamond set in US: duty & vat on setting only or tot

Thank you once again for all your help Acinom... so my quest continues

BTW there is now a Leon Mege ring with OEC & French cuts for sale on Jewels by Grace (no price there yet, the diamond is now out for grading)... it would be an 2.64 OEC and not a cushion, and rather warm in color (a K I think - I was hoping for a cushion and AGS000, so either GOG or Canera) but still very very tempting... will see how the price will be.

Ooh, that ring is gorgeous!!! Make sure you are indeed willing to choose an OEC instead of a cushion. And that the warmth will not bother you. Personally I have a weak spot for lace colored OEC's: mine is a U-V colored OEC.
If you are interested in the ring, you should actually ask Grace to put it on hold for you.

 

[DiamondXXX]

Re: own diamond set in US: duty & vat on setting only or tot

I wrote once again to Grace to clarify and to put the ring on soft hold while she collects the data on it and decides the pricing. She did.

I think if I did my homework right it is this center: [URL='https://www.pricescope.com/community/threads/just-another-oec.172744/']https://www.pricescope.com/community/threads/just-another-oec.172744/[/URL] (maybe I should create a topic on it later for others to reply on the diamond, once the "take it or leave it" stage enters - but the general reactions for the original poster were amazing, everyone seemed to love that OEC).

What do you think?

I am a bit worried, at the same time I just love that diamond on the setting close up pictures, with the kozibe effect and I was always dreaming about an LM setting. What worries me is the color and the hassle of buying and shipping the ring over to Europe not being sure whether I keep it and all the connected tax/duty issues. And like I mentioned in my french cut discussion - I was actually considering an AVC/CAC... but that I could not afford in this size, which the design with french cuts needs.

Oh my, oh my... but going back to the photos at JbG makes me excited