How A New Tax Law is Impacting Online Diamonds Retailers
Thinking about purchasing a diamond through an online retailer? Well you might want check out the new tax law that just passed before doing so. As of December 1, 2018, online retailers will need to begin collecting and remitting sales tax for online orders placed by consumers.
This new mandate comes from the U.S. Supreme Court’s decision this past June 2018, in the legal battle betweenSouth Dakota v. Wayfair. The outcome will have a major impact on many online retailers. Money-starved states are gearing up to require online retailers to collect and remit sales taxes on purchases made by residents—a skill only about one-third of the largest online retailers have in place for all 45 states where there is a sales tax, according to exclusiveInternet Retailer research.
According toJason Brewer, Executive Vice President, Communications and State Affairs at the Retail Industry Leaders Association, “In putting new online sales tax laws into effect, the states are reclaiming their authority over sales tax collection. States, in their own way, are implementing either via regulation or statute what they need to promote or compel sellers to comply.”
But not to worry- you didn’t lose your opportunity to purchase a reasonably priced diamond. As a matter of fact, it’s an all too common misconception that purchasing a diamond online is cheaper than ordering one through a brick and mortar retailer. This misconception stemmed mostly from the lack of sales tax for online purchases. The truth is, there’s a lot more to consider than just the listed price on the website. Check out our recently blog post titled:5 Reasons to Think Twice Before Purchasing a Diamond Online to understand why.
At La Bijouterie, our goal is to find a diamond that makes sense for you. There is no hard upsell, and we often shy customers away from buying more expensive diamonds if they’re not the best value.Curious to learn more?Book an appointment today and check out our reviews onYelp. We’re here to help!