Taxes and VAT for Importing Loose 💎 Diamonds into Switzerland: Joyaux™ Genève Guide

As of January 1, 2024, Switzerland has made significant changes to its import policies, including the abolition of customs duties on most industrial goods, such as loose diamonds. These updates are designed to lower costs and simplify the import process for businesses and consumers, enhancing Switzerland's appeal as a key player in the global diamond market.

Key Changes in Import Duties and Procedures

Abolition of Customs Duties: Effective January 1, 2024, customs duties have been eliminated for most industrial goods, which include loose diamonds under the Harmonized System (HS) chapters 25-97. This change allows Joyaux™ Genève to import loose diamonds into Switzerland without the additional cost of customs duties, streamlining the purchasing process for our valued clients​.

Simplification of Customs Tariff Codes: The reduction of Swiss customs tariff codes from 9,114 to 7,511 has simplified the classification of imported goods, making the import process more efficient. This adjustment reduces the administrative load on importers, further easing the flow of goods into the Swiss market​ 

VAT on Imported Diamonds

While customs duties have been abolished, importers, including Joyaux™ Genève, are still required to pay VAT on all imported goods:

Standard VAT Rate: The VAT rate in Switzerland has increased to 8.1% as of January 1, 2024. This standard rate applies to the importation of loose diamonds and is calculated based on the total invoicing price, which includes all costs up to the delivery point within Switzerland​.

VAT Calculation and Compliance: VAT is calculated on the total value of the imported diamonds, including any additional costs incurred during shipping and handling. Joyaux™ Genève ensures that all relevant taxes are accurately calculated and paid, maintaining compliance with Swiss tax regulations and providing transparency in our pricing​

Compliance and Documentation Requirements

Import Declarations: Despite the removal of customs duties, Joyaux™ Genève is committed to compliance with all Swiss import regulations. Import declarations are required for all shipments, ensuring that the correct value of goods is declared to Swiss customs authorities​. 

Proof of Origin: For diamonds that are imported and intended to stay within Switzerland, proof of preferential origin is not required. However, for diamonds that may be processed and re-exported, maintaining proof of origin documentation remains necessary to comply with international trade agreements​. 

Recommendations for Joyaux™ Genève Clients

• Stay Informed: Clients should be aware of the applicable VAT rate and other costs when purchasing loose diamonds to ensure they understand the total cost involved. Joyaux™ Genève will provide guidance and support to navigate these tax requirements effectively.
• Accurate Documentation: Joyaux™ Genève handles all necessary documentation for customs declarations, ensuring a smooth and compliant import process. Clients can rest assured that their purchases are managed with the highest standards of accuracy and care.
• Transparent Pricing: Our commitment to transparency means that all applicable taxes and fees are clearly outlined, allowing clients to make informed decisions when purchasing from Joyaux™ Genève.

By staying compliant with the latest Swiss regulations and ensuring all transactions are conducted transparently, Joyaux™ Genève continues to offer a seamless and refined experience for clients, from the selection of the finest loose diamonds to their safe and legal importation into Switzerland.