WJC Approved as Foreign Trade Zone

The U.S. Department of Commerces foreign trade zones board has approved the World Jewelry Center in Las Vegas as a permanent Foreign Trade Zone (FTZ). It is designated as "Site 7" and will be operated by the Nevada International Trade Corporation on behalf of the center. The FTZ designation includes

"The FTZ designation creates many important cost-savings advantages for our participating firms, such as duty deferral, paper work reduction, and the elimination of duty on goods exported from the U.S.," says WJC managing director Bill Boyajian. "The designation also reduces the global supply chain timeline to import and export, the FTZ processing/manufacturing authority may allow lower duty rates, and NAFTA qualifying goods are duty free to Canada and Mexico."