Question 1

What is the import duty rate for Jewellery & Precious Metals in South Korea?

Accepted Answer

The MFN (Most Favoured Nation) import duty rate for Jewellery & Precious Metals (HS 7113 / 7114) in South Korea is 8% on the CIF value. HS 7113. MFN 8%.

Question 2

Is VAT charged on Jewellery & Precious Metals imports to South Korea?

Accepted Answer

Yes. South Korea charges VAT at 10% on the CIF value plus any import duty. This applies to virtually all commercial imports.

Question 3

Are there FTA rates available for Jewellery & Precious Metals in South Korea?

Accepted Answer

Yes. Korea–EU: 0%. KORUS (US), Korea–EU FTA, Korea–UK FTA, RCEP, Korea–ASEAN FTA, Korea–China FTA (CKFTA) are the key agreements — verify origin requirements with your customs broker.

Question 4

How is import duty calculated for Jewellery & Precious Metals entering South Korea?

Accepted Answer

Duty is calculated on the CIF value of the goods. CIF value includes the product cost, international freight, and insurance. The MFN duty of 8% is applied to this value. VAT (10%) is then applied on the CIF value plus duty.

South Korea Import Duty Rate for Jewellery & Precious Metals

How duty is calculated

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Jewellery & Precious Metals duty rates in other markets