Six of China's jewelry companies, including China National Pearl, Diamond, Gem and Jewelry Imp & Exp Corp, won approval from the People's Bank of China to import gold jewelry.

　　China levies a 38 percent import tariff on gold jewelry, which may soon be reduced. Prior to the approval, China National Arts & Crafts (Group) Corp was the only company authorized in China to import gold jewelry. The country's gold jewelers already have the right to export. China is poised to cut its tariff on gold jewelry soon, but the lowered tariff may take little effect if it does not drop to between 10 and 15 percent because high price of imported gold jewelry may still dissuade consumers from buying overseas jewelry.