Cooksongold Brexit Statement

Cooksongold Brexit Statement 


It is impossible to comprehensively plan for Brexit when we still don't know the terms of the UK leaving the EU. However, we have spent considerable time reviewing the various issues we may be forced to address and are happy to share the following business plans to mitigate any impact on our customers. 

We are assuming what we consider to be a worst-case scenario of a hard Brexit somewhere between October 31st 2019 and January 31st 2020 with a default to World Trade Organisation (WTO) tariffs.


 

    • WTO tariffs vary by product but the majority of precious metal semi-finished products such as sheet or wire are set at 0%. Most jewellery tools incur a tariff of 2.5% with some other products up to 10%. For such levels, Cooksongold will, at least initially, cover the cost of the tariffs through either paying the duty or adjusting the price. 

    • We are applying for AEO status in order to facilitate easy customs passage. We have carried out a full administrative review of all our products we stock in order to ensure that tariff codes are updated and our documentation meets all requirements. 

    • We have worked with our delivery couriers to achieve paperless export and to be able to offer a service to manage payment of the duty.

    • We have increased our stock holding by more than £1 million to cater for any increase in demand or cover any supply chain issues.

    •  We have set up a multi-disciplinary management team to implement solutions to any issues that may arise.

    • We have engaged interested parties about the addition of the International Convention Mark in addition to standard hallmarks.

    • We are unable to predict possible delays whilst clearing customs but we are in discussions with our carriers about how best to deal with this. 

    • We would encourage customers to order as early as possible and ensure they have EORI status where applicable. 

    • We remain committed to all our international customers and will look to deal with any issues as they arise.

     


    Information provided in the statement reflects the current Brexit position Cooksongold is working towards. Any changes will be reflected in this statement. 

    Date: 7th October 2019

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© 2019 Cookson Precious Metals Ltd. VAT Registration No. GB161 8062 21. Registered in England no. 2775187. Registered Office: 59-83 Vittoria Street, Birmingham, B1 3NZ
Tel: 0345 100 1122 or 0121 200 2120 Fax: 0121 212 6456