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India, Thailand may pay duties on gold jewelry

January 03, 2007

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Washington—President Bush in December reauthorized the duty-free status on imports from many countries, but the legislation included a caveat that could exclude gold jewelry imports from India and Thailand.

The new Generalized System of Preferences (GSP) program includes two "competitive need limitations" on the eligibility of a product for duty-free status: the annual trade of a product from a country exceeds a monetary threshold ($125 million in 2006), or the annual trade of a product from a country exceeds 50 percent of U.S. imports of that product.

A preliminary assessment of data from January through October 2006 shows the United States imported $1.6 billion in gold jewelry from India and $611 million in gold jewelry from Thailand, according to the Office of the United States Trade Representative.

The office will issue a Federal Register notice next month when full-year data becomes available, identifying those waivers that meet either of the new thresholds and are thus subject to duty-free-status revocation.

The extension of the GSP program will remain in place until Dec. 31 2008.

A representative from the Indian Diamond and Colored Stone Association did not immediately return calls for comment on this report.
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