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De Beers CEO: confident the US will exempt diamonds from reciprocal tariffs

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De Beers CEO Al Cook says he’s confident the US will exempt diamonds from reciprocal tariffs.He told the FT they were of “no benefit”, given that there are no US diamond mining jobs to protect, and that they would function as nothing more than a tax on American consumers.”People are confident enough that in the long term, diamonds will be exempted from tariffs,” he told the FT, indicating that an exemption may happen, but not immediately.

Cook echoed the views of World Diamond Council president Feriel Zerouki, who is urging the Trump administration to exclude natural diamonds from a tariff due to be implemented on 9 July, when a 90-day pause expires.

Diamonds, along with almost all other goods from all other countries, are currently subject to a baseline levy of 10 per cent on entry to the US, payable by the importer.

Cook, and many others, are calling for diamonds to be exempted from the additional burden of reciprocal tariffs, set at 26 per cent for India, by far the biggest supplier of polished stones, and on a sliding scale for other trading partners.

The US is the world’s largest diamond jewelry market by far, but has no domestic diamond mining industry.

“This is not about special treatment, this is about recognizing the unique structure of a global industry with no domestic production and ensuring policies support American businesses and consumers,” Zerouki said last week.

An exemption would help safeguard the $117bn US jewelry industry and protect the jobs of over 200,000 Americans, she said.

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DiamondBuzz

De Beers brings Diamonds and Glamour to London

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Insiders suggest a star-studded journey to London might be on the cards. But why London? Beyond its glittering reputation as a global hub for jewellery and fashion, whispers point to something far more dazzling — De Beers is set to host a major showcase in the city.

This year, De Beers Group makes its grand debut at Frieze London, marking a landmark moment where the world of natural diamonds meets the world of art. In collaboration with Frieze Masters, the brand will unveil Voyage Through the Diamond Realm — an immersive experience said to capture the mystery, beauty, and brilliance of natural diamonds like never before.

To bring this vision to life, De Beers has invited India’s leading style and art connoisseurs, including Twinkle Khanna, Ananya Panday, Sara Tendulkar, Karan Johar and many more. Known for their refined taste and appreciation of art and design, these tastemakers are the perfect ambassadors to experience natural diamonds in a whole new light — where every facet tells a story of time, pressure, and perfection.

While details remain under wraps, those close to the brand hint that the experience will be nothing short of transformative — a moment where science, storytelling, and rarity converge to celebrate nature’s most extraordinary creations.

One thing’s certain: when De Beers Group meets Frieze London, the city is bound to shine a little brighter — and perhaps, so will those boarding that flight.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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