Canada v USA

[rockshopper]

I'm in the planning stages of shopping for a diamond for an engagement ring. I was wondering if anyone has any insight into the price differences of comparable diamonds bought in the USA v Canada.

Also, as I understand, there could be tax issues on loose diamonds - but there would not be on a diamond ring (which might mean that I need to get it set before crossing the border). Any info on that side of things.

Thanks

 

[pricescope]

Hi Rockshopper,

I'm not sure about the diamond ring you might want to double check it...

According to Canada Customs & Revenue Agency (CCRA) you will be charged for a loose diamond from the US:

10% excise tax on the price of the stone, translated into Canadian dollars;

The excise tax then gets added to the base value of the stone for purposes of calculating GST = 7%;

Plus Ontario PST = 8% :

(1.07 + 1.0 x 1.10 x CAD $Price

or 1.265 x CAD $Price

If you'll buy in Canada you'll still have to pay GST+PST though.