First-of-its-kind pearl auction held utilizing Hainan FTP

Hainan Heren Pearl Co — which has qualifications for processing and value-added duty-free businesses and is a beneficiary of the zero-tariff policy — imported over 20,000 Tahitian black pearls from French Polynesia duty-free on Wednesday. The pearls are stored in a designated area under real-time supervision.

For successful bids where buyers choose immediate delivery, Heren Pearl will handle domestic sales declaration as general trade, paying applicable taxes like import VAT and consumption tax before delivery. If buyers opt for processing by Heren, the pearls will be worked on-site. After meeting the conditions for duty-free sale, based on over 30 percent added value after processing, they will be delivered to buyers upon leaving the island. Unsold items or items buyers choose to export will be re-exported.