About HS Code 710231
This code covers rough, natural diamonds destined for jewelry, before significant cutting and polishing. These are the foundational raw materials for the global diamond industry, primarily traded by major mining companies and specialized rough diamond dealers. Key aspects of this trade include adherence to the Kimberley Process Certification Scheme, which is crucial for preventing conflict diamonds from entering the legitimate supply chain and ensuring ethical sourcing. The intrinsic value of these unworked stones is meticulously assessed based on their potential for carat weight, color, clarity, and optimal cut, even in their raw state. Major global trading hubs such as Antwerp, Dubai, and Mumbai specialize in the import and export of these unworked stones, where they undergo initial sorting, valuation, and preparation for the subsequent stages of transformation. The trade in rough diamonds is highly concentrated, with a few dominant players controlling the supply chain from the mine to the initial market. This concentration influences pricing and availability, making market intelligence vital for participants.
Products Under This Code
Rough gem-quality diamonds, uncut diamonds, unpolished diamonds, diamond roughs for jewelry, cleaved diamonds, bruted diamonds, sawn diamond sections
Real World Examples
De Beers rough diamonds, Alrosa rough diamonds, Rio Tinto rough diamonds, Petra Diamonds roughs
Common Misclassification
This code is often confused with 710239 (worked non-industrial diamonds) or 710421 (unworked synthetic diamonds) if the origin or processing stage is not clearly identified.
Products Classified Under 7102.31
Industry
This code belongs to the Gems & Jewelry industry.
Trade Overview
Top exporters include Botswana, Russia, Canada, and South Africa, while major importers are Belgium, India, and UAE.
Frequently Asked Questions
What is HS code 710231?
HS code 710231 covers: Diamonds; non-industrial, unworked or simply sawn, cleaved or bruted, but not mounted or set. This code covers rough, natural diamonds destined for jewelry, before significant cutting and polishing. These are the foundational raw materials for the global diamond industry, primarily traded by major mining companies and specialized rough diamond dealers. Key aspects of this trade include adherence to the Kimberley Process Certification Scheme, which is crucial for preventing conflict diamonds from entering the legitimate supply chain and ensuring ethical sourcing. The intrinsic value of these unworked stones is meticulously assessed based on their potential for carat weight, color, clarity, and optimal cut, even in their raw state. Major global trading hubs such as Antwerp, Dubai, and Mumbai specialize in the import and export of these unworked stones, where they undergo initial sorting, valuation, and preparation for the subsequent stages of transformation. The trade in rough diamonds is highly concentrated, with a few dominant players controlling the supply chain from the mine to the initial market. This concentration influences pricing and availability, making market intelligence vital for participants.
What products fall under HS code 710231?
Rough gem-quality diamonds, uncut diamonds, unpolished diamonds, diamond roughs for jewelry, cleaved diamonds, bruted diamonds, sawn diamond sections
What are common misclassifications for HS code 710231?
This code is often confused with 710239 (worked non-industrial diamonds) or 710421 (unworked synthetic diamonds) if the origin or processing stage is not clearly identified.
How is HS code 710231 structured?
HS code 710231 is a 6-digit subheading under the Harmonized System. The first 2 digits (71) identify the chapter, digits 3-4 (02) identify the heading, and digits 5-6 (31) specify the subheading. This code is standardized globally by the World Customs Organization.