I think has been already discussed on other forums but there doesn't seem to be consensus as there are conflicting sources online…
Who here, has bought a >$1000 diamond engagement ring + setting from US-based online stores James Allen/BlueNile? And if so, did you pay 5% duty on top of 10% GST?
From my understanding there is a free trade agreement with the US with loose diamonds (i.e. not in setting) on the list. https://ftaportal.dfat.gov.au/AUS/USA/search/diamond/7102?ex…
However, I can't find any reference to what happens once the diamond mounted in the setting.
According to multiple sources, it seems that purchases over $1000 will incur 5% duty for diamond rings and yet, there are conflicting accounts where people have bought rings without paying 5% duty?
https://www.australiandiamondbrokers.com/latest-news/hidden-…
https://www.bluenile.com/au/policies/international#australia
https://www.jamesallen.com/tax-calculator/?a_aid=533517f948e…
Any help for a confused brother would be much appreciated!
Didn't buy mine from there but I remember it impacting my decision (this was about 3 years ago), went with Jogia instead then had a jeweller set it in a ring for me