What is the process of importing wholesale silver jewellery from Thailand?
- Importing Process of Wholesale Silver Jewellery from Thailand
- Legal Requirement Stages
- Taxes on silver in Thailand
- Import documentation and legal requirements
- Buying Silver Wholesale from Bangkok
- Top Shipments Companies in the World
- Payment Methods
Do you know Thailand is one of the biggest producers of silver jewellery in the entire world? Not only the best silver jewellery factories exist here but you will be amazed to know that these factories have special verified certification. This makes them reliable and trusted companies. Many vendors and shop owners from all over the world come to Thailand every year to buy silver jewellery. They mostly purchase high-quality silver from wholesale companies in Thailand. Some of the best wholesale shops and/or companies in Thailand are:
|Charoen Kung Road||It has a lot of wholesale silver jewellery shops and more|
|Palladium World Shopping Mall||Silver jeweler and other items|
|Ta Phra Chan Market and Chatuchak Market||Buddhist pendants and amulets|
Now, we will tell you how you can import wholesale silver jewellery from Thailand. Keep reading this article in order to get the most out of it. Every step explained below is of great significance. So, we recommend you to read it thoroughly!
Importing process of wholesale silver jewelry from Thailand
To be honest, importing silver jewellery from Thailand is not a complicated or difficult task. As mentioned previously, hundreds of thousands of shop owners visit the country to purchase high-quality jewellery from wholesale shops.
Do you know why people prefer Thailand? Well, the simple answer is “Quality” and “Competitive Pricing.” Due to such a significant number of sales every year, the government of Thailand has worked substantially to make the overall process of importing silver jewellery easy and reliable. Now, we will talk about the whole process. Read on!
Legal Requirement Stages:
Following are the stages that meet the legal requirements:
Use e-customs systems
Goods involving Thailand’s import have been centralized into an online E-customs system. The importer (individual or business firm) must already have a digital certificate in order to register for the system.
Review of the controlled goods
Two separate and specific checks need to be made before importing. The first check is made to identify if goods require an import permit, secondly, to make sure the goods are not falling into “red line” condition.
Submission and verification
An import declaration is submitted to e-customs systems with the arrival report of the carrying goods in the vessel once all the documents are in order.
After vessel reaches the customs duty, variety of taxes are applicable now.
Inspection and release of goods
The final step is a simple screening; where the goods are inspected.
Taxes on silver in Thailand
If you want to know about the “Import Duty” or “Customs Duty” on various goods, for instance, silver jewelry, rings, bangles, and gemstones, we recommend you to read the “CDF” Category, which specifically categorizes the jewelry and watches.
The customs duty or import duty on certain goods such as for silver jewellery, bangles, and rings, gemstones are classified under the jewellery and watches category (cdf category). Customs duty or import duty is a tax charge on the specific good that enters the country from another country. Taxes will apply to those goods which are brought by an individual or a commercial entity. All the goods regarding import in Thailand must report to the customs department.
71-13-19-90-90 is HS CODE is applicable for the silver jewellery, bangles, and rings. Customs taxes on import are:
- General custom duty is 20%
- Special Tarif is 0%
- Average VAT rate applicable in Thailand is 0.07
If the special tariff is null, then the general custom duty is applicable.
The other taxes which are applicable are:
- Excise tax
- Interior tax
Excise taxes and customs taxes on import:
In terms of silver jewelry, the concept of excise is the same as it for other goods. It is important to know that it is a special form of consumption tax, which is imposed by the government on a wide variety of good that is imported or manufactured locally.
The taxes are applied locally on those goods which leave the factory after they are manufactured and internationally shipped after the imported cargo arrives.
Goods that are subjected to excise taxes and subjected to the interior taxes, it is calculated at the 10% of excise.
Import documentation and legal requirements
It is important to avail the “Import License” before you start importing goods. Likewise, it is likewise noteworthy that you comply with the rules and regulations of the concerned companies and/or agencies. In some cases, you need to acquire the certificate of origin as well.
Products must go through import control.
When you opt to import specific materials such as tin ore, jewelry, tungsten oxide and/or other metallic tins, and if the quantity of the material exceeds two kilograms, then make sure to get permission from the Department of Mineral Resources. Not getting the permission certificate may create hurdles in the process of importation. So, for a smooth and reliable importation process, compliance with the rules and regulation is important.
General traditions clearing systems for the two imports and fares in Thailand require the accommodation of a Customs’ fare passage frame or import section shape.
The frame ought to be joined by standard transportation archives, which include: business receipt, pressing rundown, bill of filling/aviation route bill, and letter of credit. A few items may require an import/send out permit or potentially approval from applicable offices.
Buying silver wholesale from Bangkok
Silver jewelry, today, is relished for its high-quality aesthetic value. There are many sophisticated markets in the world that offer high-quality silver jewelry. However, it is worth noting that the market in Thailand is well-known and famous for its highly competitive prices and quality products.
Particularly, the capital of Thailand “Bangkok” holds a very significant value since markets here are famous throughout South East Asia and the world for their discounts on wholesale silver jewelry. As mentioned above, people will many silver jewelry markets in different regions of the world and can purchase in these markets some of the best-known brands. Nonetheless, what makes Thailand stands out is the main question of concern here.
So, let us tell you that shops in Thailand are famous worldwide for their vintage art, inexpensive prices, and discounts. While buying jewelry from any wholesale shop in Thailand, you will find that the owner of the shop has a government-issued certificate hanging on the wall. This significantly increases the reliability of the shop.
If you are a dealer or shop owner, then consider buying silver wholesale from Bangkok.
Some of the big markets are:
- 925e wholesale silver jewellery in Thailand (Bangkok city)
- Planet wholesale silver jewellery in Thailand (Bangkok city)
- com (digital market)
Buying silver wholesale form Bangkok is exciting; you will get many discounts and deals if you are buying a good amount of goods. Buying wholesale silver from Bangkok is common among big dealers; you will experience a range of discounts, from 20% to 50%.
Buying silver wholesale from Bangkok becomes more active in the season any event like Black Friday is coming up and dealers are booking and importing wholesale silver jewellery from Thailand because, in case of any event, wholesale silver jewellery in Thailand is always on discount.
Top shipments companies in the World
Now that you have learned about the wholesale silver jewelry, how markets operate in Thailand, and how you can import silver jewellery from Thailand, it is time to tell you about the shipping companies and their services, which can be used to carry huge amount of silver jewelry cargo to other parts/countries of the world.
Shipping may vary with the metal type and quantity; there are some international shipping rates if we are talking about importing silver jewelry from Thailand. FedEx use the system of shipping charges according to groups, Thailand is listed in region group 5 and the shipping, handling and insurance customs, taxes or rates are:
|100 oz silver||190.00|
|500 oz of silver||190.00|
|10 oz of gold||225.00|
P. Moller-Maersk Group
It is a Danish business conglomerate with activities in the logistics and energy sectors. It is the largest shipping company in the world since 1966 and it is based in Denmark. Its company market capitalization is the US $35 billion
Mediterranean shipping company (MSC)
This is the world’s second largest shipping company in terms of container vessel capacity. At the end of 2014, MSC was operating 471 containers. MSC charge as much as FedEx and is reliable as well.
If we consider importing wholesale silver from Thailand, Hapag-Lloyd is multinational German-based shipping company and it is suited for the job.
Buying silver wholesale from Bangkok or, wholesale silver jewellery in Thailand; purchasing and trading locally deal in the local currency of Thailand. Before importing silver jewellery from Thailand, international rules and regulations will play its role. Thailand handles its import/export on a documentary basis. This business uses various methods of financing and trade facilitation such as the letter of credit, bank drafts, and wire transfer trades.
Once the importer establishes a good payment record and clean from any legal issue and the firm is happy with the importer’s trustworthiness, it is highly advisable to provide more lenient terms.