A Guide to Importing Jewellery into Canada
Even if there are many excellent jewellery stores in Canada, it’s human nature to wonder whether you might save a little money by crossing the border. Of course, there are times when you can save a lot by importing jewellery into Canada, but it shouldn’t be the only factor you consider.
Read on to learn more about the factors to think about before selecting whether or not to import jewellery into Canada.
Options in Jewellery
To begin, it’s worth noting that compared to brick-and-mortar stores in Canada, the collection offered by internet jewelers is typically far superior. They often have hundreds of thousands of diamonds, making them an excellent choice if you’re in the market for an engagement ring, for instance.
Choosing Jewellery to Import
Most Canadian jewellery stores are smaller than their American competitors, so they can’t stock as many items.
Consistent with the preceding argument, the increased level of competition and economies of scale enjoyed by the jewellery industry in the United States results in cheaper pricing for consumers.
On one Canadian jeweler’s website, for instance, a 1-carat engagement ring would set you back $8,399. The price of a ring with the same grade diamond is less than half what it would be from a US outlet.
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Cost Analysis of Canadian Jewellery Imports
While this is only one example, it should give you an idea of the savings that may be possible if you choose to import into Canada.
You’d be right if you thought, “yeah, but the American example doesn’t contain taxes”.
However, the Canadian one didn’t either. The difference widens after provincial taxes are included; for example, if you reside in Ontario, the final price of the ring for your personal use would be subject to 13% HST.
Funding By the Provinces
In addition, you should know that if the jewellery was made in the United States, you won’t have to pay any import duty while bringing it into Canada. That’s right; if you include in the taxes collected by each individual province, importing from the United States is no more costly than buying locally.
Calculating the ultimate cost while seeing pre-tax pricing may be a bit of a challenge; typically, the only true method to obtain an answer is to add the item to your shopping cart, enter your address, and then view the total.
One major advantage of shopping domestically as opposed to internationally is the convenience of being able to talk to the merchant face-to-face about any issues. This is lost while shopping online, but many stores have made up for it by providing superior customer service. Check these factors before making any final decisions on which shops to visit in person or online:
● A minimum 30-day return period is recommended
● Guarantee: One year for faults in materials and workmanship
● A ring should be able to be resized at no additional cost once during the first year after purchase as a courtesy to the customer
Changes in taste or the desire to try something new are two good reasons to be able to exchange or upgrade your jewellery. This may be made easier and cheaper if you can trade it in at the jeweler you bought it from.
Can You Import Gold Into Canada?
The Canadian government does not limit gold imports into Canada. The Canada Border Services Agency administers and enforces rules and regulations to guarantee the admissibility of products on behalf of various federal ministries and agencies.
Your Most Viable Option for Importing Jewellery Into Canada
Providing the Canada Border Services Agency with certain details is necessary if you plan on importing jewellery items into Canada for commercial purposes.
Codes for this data are generated by CBSA using Form B3. Several pieces of information about your company and the shipment are required to complete Form B3. Work with a customs broker who can assure your compliance to avoid penalties and large fines for noncompliance.
This is a lot of information and may seem intimidating. There are many regulations to abide by, which is why many importers use the services of a Customs Broker when importing goods into Canada. For more information, or for a free quote, please contact us.