To: carranza2 who wrote (102912 ) 10/2/2013 2:49:17 AM From: TobagoJack Respond to of 218000 Just inNew import limit set to give gold more sheen Gary Chau Wednesday, October 02, 2013 Local jewelers are expected to benefit from Beijing's possible easing of limits on gold imports that would allow mainlanders to bring more of the precious metal across the border without paying any levy. Only those found carrying more than 200 grams of gold each time will be taxed after clearing immigration, according to a People's Bank of China draft rule which is under consultation. The current import limit is 50 grams. Two hundred grams of gold is equivalent to 5.3 taels, or HK$65,190, as quoted by HSBC yesterday. For example, one wedding bracelet weighing 1.1 tael costs around HK$17,008, with 92percent of it being the cost of gold, worth HK$15,763, and the remaining 8percent being commission and labor costs, according to Chow Tai Fook. Currently, anyone who brings into the country a bracelet along with small gold items, weighing 0.2 taels, is made to pay the levy. But once the new rule comes into effect, a person can take with him as many as four bracelets without paying the levy. Hong Kong mainly exports gold to the mainland, with exports reaching a record high of 834.5 tonnes last year, up 94percent from 431 tonnes in 2011, a World Gold Council report said. The move also means that sales of local jewelers could get a boost. "Mainlanders bringing in more than 50 grams of gold will not have to fear being fined and having their gold confiscated," Wong Wai-sheung, chairman of Luk Fook Jewellery, said. He added that one pair of wedding bracelets already exceeds 50 grams. Conita Hung Lai-ping, director of Amicus Asset Management, believes the new rule will help boost the sale of gold products and increase the stock price of jewelry retailers in the short term. But, she added, the price of gold will still be a key factor for the business. http://www.thestandard.com.hk/news_detail.asp?we_cat=11&art_id=138088&sid=40521670&con_type=1&d_str=20131002&fc=2