World Jewelry Center planners have outlined key benefits of the Foreign Trade Zone that will be part of the international gem and jewelry industry hub.
“In all of my presentations and discussions with jewelry industry leaders worldwide, the Foreign Trade Zone invariably comes up as one of the most important reasons for locating in the World Jewelry Center,” said WJC Managing Director Bill Boyajian. “And it’s certainly easy to understand why.”
Duty is charged only when goods leave the FTZ and enter the commerce of the United States. Therefore, businesses operating in the WJC will realize immediate cash-flow benefits. In addition, no duty is owed on goods that are re-exported. Goods can also be stored indefinitely within the FTZ in a secure environment, again with no duty charged unless or until they are sold and shipped to a customer in the U.S.
FTZs were created to stimulate economic growth and development in the United States. Benefits of operating in an FTZ include financial savings related to Customs entry process fees, duty advantages, logistical benefits, and time savings through reduced paperwork.
Direct delivery to the FTZ reduces the time usually consumed by inspections or possible delays at borders or docks. Weekly entry of goods into the FTZ reduces customs broker fees and merchandise processing fees. The WJC will have customs brokers on the premises.
Merchandise entering the FTZ may be assembled, re-labeled, mixed, processed, displayed, cleaned, repackaged, tested, manipulated, salvaged, destroyed, repaired, stored, manufactured, or sampled, without incurring duty fees.