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NZ Customs Release Sept 2015

Tariff classification of gold, silver, or platinum bars, ingots, or rounds

Minted or investment bars, ingots or rounds of fine gold, fine silver, or platinum are generally bars of precious metal or rolled into strips and stamped out (struck, or minted), although some types may be made by casting.

The bars and ingots are generally rectangular in shape, marked on one side with the assayed purity of the gold, silver or platinum, the name and weight of the particular metal in grams or troy ounces, marked with a serial number, a hallmark, a manufacturer’s name and origin. However, they are not confined to the rectangular shape and are also manufactured in a variety of forms or shapes eg, square, oval, donut etc, and some incorporate a hole or hanger so they may be worn.

The “rounds” or “round bars” have the appearance of a coin but are not legal tender, and are not marked with a nominal value. They are generally marked with their assayed purity, type and weight of the particular metal, hallmark, logo, and name of manufacturer.

These types of goods are mainly traded as investment items of precious metal and are considered to be finished articles and not the semi-manufactured bars etc, that are classified in Tariff heading 71.06 “Silver (including silver plated with gold or platinum), unwrought or in semi-manufactured forms, or in powder form”, Tariff heading 71.08 “Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or in powder form”, or in Tariff heading 71.10 “Platinum, unwrought or in semi-manufactured forms, or in powder form”.

Customs considers that investment or minted bars and the like, are classified in Tariff heading 71.14 “Articles of goldsmiths’ or silversmiths’ wares and parts thereof, of precious metal or of metal clad with precious metal”, under Tariff item 7114.11.09 00A (silver), or Tariff item 7114.19.09 00H (gold or platinum).

Should further advice be required please note that Customs provides a pre-importation classification ruling service. This service is outlined in Fact Sheet 23, Pre-Importation Rulings Service for Tariff Classification and Concession Applicability, on Customs Website.