Trade and customs consultant Tommy Berry, owner of PointTradeServices tells GlobeSt.com that being an FTZ means jewelry makerscan import raw goods into to the building and then add value incooperation with other tenants in the building without payingduties. After that, the product may be exported back out of the USwithout paying any duties at all or may enter US commerce at areduced duty rate.

"We have been counting on approval of the FTZ…," says WJCmanaging director Bill Boyajian, a former president of theGemological Institute of America.

Berry adds that the FTZ also will allow companies to save on theadministrative costs of importing by not having to pay merchandiseprocessing fees or user fees and not having to pay a broker pershipment. Finally, due to the tremendous amount of intermodalfreight that goes in and out of Las Vegas, the industry also willbe able to save on freight rates.