China will reportedly cut import tariffs on nearly 1,500 consumer products as from July 1, including gold jewelry set with diamonds, as well as precious stones, in a bid to boost imports as part of efforts to open up its economy. A total of 18 tax items involving jewellery categories are included in the tariff reduction, with an average tariff rate drop of 68 per cent. The import tariff rate for gold and silver jewellery products, including those set with diamonds, will be reduced from 20 per cent to 8 per cent; the rate for gemstones or semi-precious stones products, along with natural or cultured pearl products will be reduced from 35 per cent to 10 per cent; and the rate for platinum and other precious metal products will also drop from 35 per cent to 10 per cent. The average tariff rate of all 1,449 products imported from most favoured nations will be reduced by more than half, to 6.9 per cent from 15.7 per cent, the finance ministry said in a statement on its website.