Importing $10-$15k In Jewelry (No Bloodbath)

[Ebumbu]

Hello expats and others. A relative recently left me $10-$15k in jewelry. I'm planning to have it shipped to me from the US, but I don't want to suffer a bloodbath on tariffs. On the other hand, I don't want to be foolish in case FedEx loses the package. Any advice about this? I'm thinking of claiming a value of $500 for "costume jewelry." Would that be a bad move? If I claim $10k, is customs going to slaughter me? Any advice is appreciated. 

 

Also, what would be the best way to go about getting a formal appraisal here? I'm in Phuket. Do I need to go to Bangkok? My plan is to sell the jewelry on Ebay or Etsy after a formal appraisal and pictures. Or, I sell it for stones and gold here and be done with it. Not sure yet. Ideas? 

 

And, I'll store it in a bank safety-deposit box, unless anyone has a good reason not to. 

 

Thank you. 

[ezzra]

Any such importation is fraught with the risks that IT WILL BE flagged down and you'll cope a duties and taxes that will not make this idea worthwhile, wait for a trusted friend to come over or leave them there until such times you can have a better lest costly solution...

[CharlieH]

I wouldnt bother bringing here if possible

Photo it and get it on ebay/Etsy etc from the states if you have someone who can assist or even pay them 10% or whatever.

 

[Liverpool Lou]

32 minutes ago, ezzra said:

Any such importation is fraught with the risks that IT WILL BE flagged down and you'll cope a duties and taxes that will not make this idea worthwhile,

If a courier company is used, as he suggests, import duty and VAT will automatically be assessed, as is normal practice, it is not "fraught with risks that it will be flagged"!

 

The only tax will be 7% VAT on CIF value, so you're suggesting that the import duty will be rated at what by the courier company?   To make it "not worthwhile" any import duty and VAT would have to exceed the value of the jewellery, wouldn't it?

Edited November 11, 2021 by Liverpool Lou

[Ebumbu]

3 minutes ago, Liverpool Lou said:

The only tax will be 7% VAT on CIF value, so you're suggesting that the import duty will be rated at what by the courier company?   To make it "not worthwhile" any import duty and VAT would have to exceed the value of the jewellery, wouldn't it?

You're talking in a technical way that's over my head. Do you suggest I go ahead and import with Fedex and list a $500 value or something like that as "costume jewelry"? Or, should I list a higher value and pay only 7%? That percentage would make it worthwhile to import. What do you suggest, please? 

Edited November 11, 2021 by Ebumbu
typo

[Liverpool Lou]

16 minutes ago, Ebumbu said:

18 minutes ago, Liverpool Lou said:

The only tax will be 7% VAT on CIF value, so you're suggesting that the import duty will be rated at what by the courier company?   To make it "not worthwhile" any import duty and VAT would have to exceed the value of the jewellery, wouldn't it?

You're talking in a technical way that's over my head. Do you suggest I go ahead and import with Fedex and list a $500 value or something like that as "costume jewelry"? Or, should I list a higher value and pay only 7%? That percentage would make it worthwhile to import. What do you suggest, please? 

No, I don't.   If you declare a $500 valuation that is the limit of your FedEx insurance if the package gets lost.

 

If the items are undervalued on the FedEx documents and Thai Customs decides to examine your shipment, you will be assessed for the real value, as determined by Customs and may be fined for trying to avoid duty by under-declaring the value so substantially.   Your package may also sail through with no issues.  That decision is yours.   

 

You need to find out the duty rating for the specific items and you can do that by calling the Customs Dept call centre.   A declared value of $500 will still attract duty if the item is subject to assessment.

 

This site is usually accurate, https://www.simplyduty.com/import-calculator/, and it suggests that "gold jewellery" and "diamond jewellery" is zero-rated for import duty so only VAT would be applied on the valuation, plus insurance and shipping cost.

 

Edited November 11, 2021 by Liverpool Lou

[Ebumbu]

27 minutes ago, Liverpool Lou said:

No, I don't.   If you declare a $500 valuation that is the limit of your FedEx insurance if the package gets lost.

 

If the items are undervalued on the FedEx documents and Thai Customs decides to examine your shipment, you will be assessed for the real value, as determined by Customs and may be fined for trying to avoid duty by under-declaring the value so substantially.   Your package may also sail through with no issues.  That decision is yours.   

 

You need to find out the duty rating for the specific items and you can do that by calling the Customs Dept call centre.   A declared value of $500 will still attract duty if the item is subject to assessment.

 

This site is usually accurate, https://www.simplyduty.com/import-calculator/, and it suggests that "gold jewellery" and "diamond jewellery" is zero-rated for import duty so only VAT would be applied on the valuation, plus insurance and shipping cost.

 

Thank you for sharing your knowledge. 

 

OK, I have emailed them here with all the details I have. 

https://www.customs.go.th/

 

I don't have an official valuation, so the value is a guess. When I tried the calculator you recommended and entered a $5000 value, I got an 11,000 THB tariff, which seems OK. I'm dealing with jewelry of unknown value. I doubt customs can judge the value. It looks old and dirty. A friend of the family said $10k, but it was not a serious appraisal, just an eyeball figure, probably due to the one diamond. 

 

Thanks.

 

 

[Liverpool Lou]

1 minute ago, Ebumbu said:

OK, I have emailed them here with all the details I have. 

https://www.customs.go.th/

Probably a waste of time, they have a call centre.   Get it from the horse's mouth, in English.

[Liverpool Lou]

4 minutes ago, Ebumbu said:

I'm dealing with jewelry of unknown value. I doubt customs can judge the value.

Don't bet on that, if they decide to examine your package they will  be able to value it, that's what Customs are there for!

[Ebumbu]

4 minutes ago, Liverpool Lou said:

Don't bet on that, if they decide to examine your package they will  be able to value it, that's what Customs are there for!

OK. This is what's tricky. I don't actually know the value. And I may not get the value from Ebay, whatever it may be. If they do open it, at least I get an accurate appraisal!

 

I will call their number shortly. Thanks. 

[Liverpool Lou]

15 minutes ago, Ebumbu said:

OK. This is what's tricky. I don't actually know the value. And I may not get the value from Ebay, whatever it may be. If they do open it, at least I get an accurate appraisal!

 

I will call their number shortly. Thanks. 

FedEx will have to be given an approximate value for insurance.   How can eBay give you a proper valuation, why not get someone to just take it to a jeweller?

[Gottfrid]

1 hour ago, Liverpool Lou said:

To make it "not worthwhile" any import duty and VAT would have to exceed the value of the jewellery, wouldn't it?

Isn´t that related to the price you can sell it for. Whenever have you managed to sell something for it´s estimated value?

Also it has to do with how much the seller wish to make, not if the costs eat the whole value?

[Ebumbu]

44 minutes ago, Liverpool Lou said:

FedEx will have to be given an approximate value for insurance.   How can eBay give you a proper valuation, why not get someone to just take it to a jeweller?

 

It's a dead relative. No one is going to take it to a jeweler in the US for them. It gets shipped to me or sold to a pawn shop locally. Those are my options. I got a "ballpark" figure on one piece of $8000. But, it's definitely not a real appraisal. There are other pieces and they are unknowns. Some are costume jewelry. But, I've read that even that can be valuable on Ebay as a "vintage" item. I am seeking more info. I lack the details I need to make a good decision but I'm trying to get them. 

[Ebumbu]

 

1 hour ago, Liverpool Lou said:

Probably a waste of time, they have a call centre.   Get it from the horse's mouth, in English.

They actually answered. It appears that "base metal clad with gold" is duty free, as you said. But, TIT, so god knows what will actually occur. It would not shock me to owe 30,000THB or more. Here is their full response. I gather I will only be responsible for VAT, shipping, and insurance, as you say. Or, they'll hold it hostage for an extortionary fee.  ????

 

---

 

Dear Sir/Madam:

 

With reference to your enquiry, we would like to inform you that usually any person imports product into Thailand whether personal use, gift, or commerce. They have to pay the import duty and related taxes normally. The calculation of duty for goods imported into the Kingdom shall be in accordance with a nature of the goods, a customs value, a corresponding customs tariff and a duty rate at the time of the completion of importation. Consequently, we recommend that an importer/receiver to search the HS-Code, the import duty, the description, and calculate the import duty below.

 

Please visit the website of Customs Department at http://itd.customs.go.th/igtf/en/main_frame.jsp, then choose topic "Search for Import Tariff" under the topic "Search for Tariff".

- Please type your HS code "Tariff Code 2, 4, 6 or 8 digit" without dot (For example, 7201 or 720110) or a key-word in the “Description” box then click “Search”.

- If you search by 2 digits tariff code, a page with a full range list of goods in such heading will appear. Find 8 digits tariff code that describes your goods and click it.

- Choose the condition in the list box (Duty Reduction Column), the conditions will be display.

  - To see the general rate, please click "General Rate (section 12)" and click show, the import rate will display.

 

When you know the rate as process above, you can calculate the import duty by yourself as the following formula.

**The calculation must start by CIF. CIF means C= cost of your goods, I=Insurance, F= Freight.**

 

For example:

CIF = 100 Baht

Import duty rate = ..%

VAT = 7 %

 

So:

Import duty = 100 x ..% = Y

VAT = (100+Y) x 7 % = Z

Total of Import duties to be paid = Y+Z

 

We hope this clarifies your concerns.Should you require any further assistance, please do nothesitate to contact us.

[Chad3000]

Do not do this

[JensenZ]

*deleted*

 

Edited November 12, 2021 by JensenZ

[Ebumbu]

16 hours ago, Chad3000 said:

Do not do this

 Why not?

[Chad3000]

Just now, Ebumbu said:

 Why not?

It's a mountain of problems surrounded by a minefield.

 

Surprised you even had to ask.

[Ebumbu]

2 hours ago, Chad3000 said:

It's a mountain of problems surrounded by a minefield.

 

Surprised you even had to ask.

I've contacted Thai customs themselves. They directed me to an official calculator. According to their rules, this kind of jewelry doesn't require a tariff above 7% VAT, which makes it profitable for me to import it. Turns out that value of the items is higher than I expected or quoted in this post. 

 

I know there are a lot of curmudgeons on this forum, and that's fine. If you have specific info, please share it with me. Otherwise, I'm going to insure the package for the actual value, take pictures of the contents, and FedEx it my Thai residence. I expect to pay a 7% VAT. From there, I plan to have it legitimately appraised by GIA, piece by piece, then list it on Ebay. 

 

I don't expect to be extorted by customs. I will have pics of all pieces, and I have their rules straight from the horse's mouth. Of course, anything is possible, and any decision involves risks. I've evaluated risks as low. If you know otherwise, please share specific data with me, and I'd appreciate that. 

I also have a Thai friend in the jewelry business. She advised me that my plans are doable. But, I'm open minded. Change my mind.

Edited November 13, 2021 by Ebumbu

[Chad3000]

32 minutes ago, Ebumbu said:

I've contacted Thai customs themselves. They directed me to an official calculator. According to their rules, this kind of jewelry doesn't require a tariff above 7% VAT, which makes it profitable for me to import it. Turns out that value of the items is higher than I expected or quoted in this post. 

 

I know there are a lot of curmudgeons on this forum, and that's fine. If you have specific info, please share it with me. Otherwise, I'm going to insure the package for the actual value, take pictures of the contents, and FedEx it my Thai residence. I expect to pay a 7% VAT. From there, I plan to have it legitimately appraised by GIA, piece by piece, then list it on Ebay. 

 

I don't expect to be extorted by customs. I will have pics of all pieces, and I have their rules straight from the horse's mouth. Of course, anything is possible, and any decision involves risks. I've evaluated risks as low. If you know otherwise, please share specific data with me, and I'd appreciate that. 

I also have a Thai friend in the jewelry business. She advised me that my plans are doable. But, I'm open minded. Change my mind.

I'd only read half of what you'd written before and that was ages ago.

 

No one here in Thailand or Asia wants or trusts your stuff. They don't want 18k especially 14k gold. Gems must be certified and just easier buying direct.

 

I think I recall the brainstorm was selling it abroad. No one wants jewelry. It's not fashionable.

 

I'd never trust a safety box in Thailand assuming you can get one.

 

Thailand is about gold and gems. No one will want yours. The stuff won't even be easy to sell for scrap.

 

It's a ludicrous idea.

 

Up to you

[Ebumbu]

8 hours ago, Chad3000 said:

I'd only read half of what you'd written before and that was ages ago.

 

No one here in Thailand or Asia wants or trusts your stuff. They don't want 18k especially 14k gold. Gems must be certified and just easier buying direct.

 

I think I recall the brainstorm was selling it abroad. No one wants jewelry. It's not fashionable.

 

I'd never trust a safety box in Thailand assuming you can get one.

 

Thailand is about gold and gems. No one will want yours. The stuff won't even be easy to sell for scrap.

 

It's a ludicrous idea.

 

Up to you

 

I'm not selling to Asia. I'd be selling to US and EU on Etsy or Ebay. I have substantial experience selling on both of these platforms. I feel more confident about my decision to import after reading your unsubstantiated objections about "nobody wants Jewelry in the US" or "I can't get a reliable safety-deposit box in Thailand." That's just nonsense. No offense and nothing personal. You're entitled to your opinion. 

[Pravda]

9 hours ago, Ebumbu said:

I expect to pay a 7% VAT.

 

7 minutes ago, Ebumbu said:

I have substantial experience selling on both of these platforms.

If you did you'd know that FedEx will slap you with customs clearance fees even with your above best case scenario.

 

Be aware that there are significant parcel delays from Thailand to USA. Careful of ebay claims and negative feedback. Europe is still ok.

[Airalee]

21 minutes ago, Ebumbu said:

 

I'm not selling to Asia. I'd be selling to US and EU on Etsy or Ebay. I have substantial experience selling on both of these platforms. I feel more confident about my decision to import after reading your unsubstantiated objections about "nobody wants Jewelry in the US" or "I can't get a reliable safety-deposit box in Thailand." That's just nonsense. No offense and nothing personal. You're entitled to your opinion. 

“Nobody wants jewelry in the US” might be unsubstantiated but I’d be willing to bet that very few people would be willing to buy a high priced piece of jewelry from some random guy on EBay located in Thailand.

[bojo]

It seems that you are adamant that you will import to Thailand regardless..................IMO, it could be like opening a can of worms regardless of how many precautions you take............I get that you want to be in control of your property, but personally, I believe your best sales market is probably where the items originate from (one poster at least alluded to that, as the market is quite diifferent)....................................................With that in mind and if I was in your shoes, I would speak to friends, family and research the net for dealers who will sell the items for you on a commission basis. At least they will know the true value, (you don't have to tell them that you're unaware of which might be costume etc), keep your cards close to your chest..........................They will also be accountable and responsible for the safe keeping of the property and you can just sit back and wait for the sales to come in over time..................................................This would be an avenue that I would consider pursuing..........they, as dealers will also be able to get full retail on them, so even with their commissions, you could still do quite well......................................regardless, nice to be on the receiving end..........................

[Chad3000]

2 hours ago, Ebumbu said:

 

I'm not selling to Asia. I'd be selling to US and EU on Etsy or Ebay. I have substantial experience selling on both of these platforms. I feel more confident about my decision to import after reading your unsubstantiated objections about "nobody wants Jewelry in the US" or "I can't get a reliable safety-deposit box in Thailand." That's just nonsense. No offense and nothing personal. You're entitled to your opinion. 

I'm sure you'll be making millions by next year. Genius move especially because no one especially the Thais or common backpacers has ever thought to have online silver shop or similar.

 

I've never bought anything on ebay nor would I ever. Etsy is just a junk shop for women but whatever. .

 

Guess you'll be all registered up with the govt anti fraud unit, PayPal etc. Bonus not to worry about precious metals not getting pilfered in post. #winning

 

Agreed, only upside. Kick back and watch the money roll in. Absolutely brilliant.

 

Maybe your Thai friend in gems trade just being Thai and not telling you what she really thinks?

Edited November 13, 2021 by Chad3000

[Ebumbu]

1 hour ago, Chad3000 said:

I'm sure you'll be making millions by next year. Genius move especially because no one especially the Thais or common backpacers has ever thought to have online silver shop or similar.

 

I've never bought anything on ebay nor would I ever. Etsy is just a junk shop for women but whatever. .

 

Guess you'll be all registered up with the govt anti fraud unit, PayPal etc. Bonus not to worry about precious metals not getting pilfered in post. #winning

 

Agreed, only upside. Kick back and watch the money roll in. Absolutely brilliant.

 

Maybe your Thai friend in gems trade just being Thai and not telling you what she really thinks?

Get well soon. 

 

[Ebumbu]

3 hours ago, Airalee said:

“Nobody wants jewelry in the US” might be unsubstantiated but I’d be willing to bet that very few people would be willing to buy a high priced piece of jewelry from some random guy on EBay located in Thailand.

I have a US LLC with a US address. I have a seasoned Etsy and Ebay store, with US provenance. All kind of unfounded assumptions lead to unwarranted conclusions. I'm going to bow out of this thread. The angry-codger squad has arrived. 

[Ebumbu]

3 hours ago, bojo said:

It seems that you are adamant that you will import to Thailand regardless..................IMO, it could be like opening a can of worms regardless of how many precautions you take............I get that you want to be in control of your property, but personally, I believe your best sales market is probably where the items originate from (one poster at least alluded to that, as the market is quite diifferent)....................................................With that in mind and if I was in your shoes, I would speak to friends, family and research the net for dealers who will sell the items for you on a commission basis. At least they will know the true value, (you don't have to tell them that you're unaware of which might be costume etc), keep your cards close to your chest..........................They will also be accountable and responsible for the safe keeping of the property and you can just sit back and wait for the sales to come in over time..................................................This would be an avenue that I would consider pursuing..........they, as dealers will also be able to get full retail on them, so even with their commissions, you could still do quite well......................................regardless, nice to be on the receiving end..........................

It's a simple matter to get official appraisals from GIA in Bangkok. The world has become a small place.   No business proposition is risk free, but worrying about pilfered bank vaults isn't on my radar. 

Edited November 13, 2021 by Ebumbu

[jonny on the spot]

Just dont do it, you are very likely to end up with with one of the ludicrous 50% duty demands. Wait for a freind to bring it, or go yourself and get it when this Covid situation calms down.

[Ebumbu]

1 hour ago, jonny on the spot said:

Just dont do it, you are very likely to end up with with one of the ludicrous 50% duty demands. Wait for a freind to bring it, or go yourself and get it when this Covid situation calms down.

Evidence? I contacted Thai customs. They told me that gold and jewelry only require a 7% VAT. Nothing more. Bringing it over on one's person requires one to pass through customs, no?