Importing loose diamond from US to UK - Duty and VAT?

[CCNZ]

The websites selling diamonds like whiteflash and GOG etc have no rival over here in the UK.
Both those mentioned have so much detail and reports you can fully decide on the purchase with ease.

My question is how much extra will it cost to bring one in from the US in duty charges?
I know VAT is 15% do that will be added but duty seems to vary wildly and apparently it can be from 4% to 80% depending on the goods!!

 

[Lorelei]

Date: 12/14/2008 6:51:41 AM
Author:CCNZ
The websites selling diamonds like whiteflash and GOG etc have no rival over here in the UK.
Both those mentioned have so much detail and reports you can fully decide on the purchase with ease.

My question is how much extra will it cost to bring one in from the US in duty charges?
I know VAT is 15% do that will be added but duty seems to vary wildly and apparently it can be from 4% to 80% depending on the goods!!

I know the VAT is 15%, plus there is an import duty which I believe is 2.5% but one of the UK PSers who has purchased recently from the States should be able to clarify. I will page someone for you who will know, she should respond in a bit of time.

 

[Maisie]

I know I paid 20% total when I received my platinum and diamond ring from Whiteflash. That was when VAT was 17.5% I believe that if you import a diamond on its own you have to pay VAT only. I will check to make sure though and report back

 

[Lorelei]

Date: 12/14/2008 7:12:48 AM
Author: Maisie
I know I paid 20% total when I received my platinum and diamond ring from Whiteflash. I believe that if you import a diamond on its own you have to pay VAT only. I will check to make sure though and report back

Dang that was fast!!!

Greetings Bruddah dear!

 

[Maisie]

Date: 12/14/2008 7:13:26 AM
Author: Lorelei

Date: 12/14/2008 7:12:48 AM
Author: Maisie
I know I paid 20% total when I received my platinum and diamond ring from Whiteflash. I believe that if you import a diamond on its own you have to pay VAT only. I will check to make sure though and report back

Dang that was fast!!!

Greetings Bruddah dear!

Helloo my Bruddah!

 

[CCNZ]

Hmm thanks for the info, I will investigate further to see if it works out better even with 20% added.

The selection and information on Whiteflash and GOG is just so good.

 

[CCNZ]

Date: 12/14/2008 7:12:48 AM
Author: Maisie
I know I paid 20% total when I received my platinum and diamond ring from Whiteflash. That was when VAT was 17.5% I believe that if you import a diamond on its own you have to pay VAT only. I will check to make sure though and report back

Hi Maisie,

Did you have any luck finding out about the duty?

I know VAT will be fixed at 15% but the duty says it ranges from 3% to 80%!! Depending on the goods.

On a side note the pound has taken a battering and where not long ago £5000 was about $10,000 its lost a quarter of its value!!

 

[LD]

I've paid between 20 and 25%.

This can make buying from the US cost-prohibitive. There are some very good UK diamond websites but they don't subscribe to the different reports (apart from GIA, EGL etc etc). However, most can find ideal cuts, H&As etc but you have to ask.

 

[CCNZ]

Date: 1/2/2009 5:41:31 PM
Author: LovingDiamonds
I've paid between 20 and 25%.


This can make buying from the US cost-prohibitive. There are some very good UK diamond websites but they don't subscribe to the different reports (apart from GIA, EGL etc etc). However, most can find ideal cuts, H&As etc but you have to ask.

Hi thanks for your post.
Was this before VAT dropped form 17.5 to 15%?
If so you paid about 2.5%-7.5% duty right?

I really want to buy from Rhino and Sarah at Good Old Gold as their stones are amazing, even did a video for me recently.

 

[startech]

There''s no duty on loose diamonds, but if set in a stone you''re looking at 2.5% duty from the states.

Basically:
Customs Duty = (Cost of diamond/ring + shipping costs to the EU) x rate of duty
VAT payable = Customs Duty x 15%

 

[Maisie]

When I bought my ring it cost me 20% in duty and charges because the diamond was set in a platinum ring. That was when VAT was 17.5%. I don''t know if the charges are different for an unset diamond. You need to speak to the customs helpline to make sure that you are getting the correct information.

I know that it probably seems like you aren''t saving much if you go to the US for your diamond but you are. They are still a lot less expensive - even with the duty on top.

 

[CCNZ]

Thanks.
It will just be the stone Im getting in most probably and have the ring made here.