In a welcome move for Belgium’s diamond industry, the European Council has officially decided not to impose import tariffs on polished diamonds originating from the United States. The decision, hailed as a strategic and balanced one, comes amidst a broader framework of EU countermeasures in response to tariffs introduced by the U.S. during the Trump administration.

The Antwerp World Diamond Centre (AWDC), which represents the interests of the Belgian diamond industry, has applauded the EU’s stance. Karen Rentmeesters, CEO of AWDC, emphasized the importance of this decision, highlighting the potential economic fallout had tariffs been implemented.

“We are extremely pleased and grateful that our efforts over the past weeks have led to the European Council’s decision not to impose tariffs on US diamonds,” said Karen Rentmeesters. Rentmeesters expressed appreciation for the coordinated support from the Flemish and Belgian governments, as well as the EU, in safeguarding the industry’s interests.“This decision demonstrates that the Flemish and Belgian governments, as well as the EU, recognise and actively support both the strategic importance of the diamond sector in Belgium and the principle of free trade in diamonds.”

The United States remains a crucial trading partner for Belgium, accounting for nearly $3.9 billion in polished diamond trade annually — approximately 16% of the country’s total diamond trade. Antwerp, as the epicenter of Belgium’s diamond industry, relies heavily on the fluid movement of diamonds across borders, particularly with the U.S.

Rentmeesters noted that the diamond trade often involves multiple transatlantic shipments, especially for processes like grading and certification performed at U.S.-based labs. Tariffs could have resulted in double taxation — once upon entering the U.S., and again on re-entry into the EU — severely affecting profitability and logistics.

The AWDC also questioned the effectiveness of reciprocal tariffs as a political or economic tool, arguing that such measures would have little to no tangible impact on the U.S., while severely disrupting Belgium’s diamond sector.

Another complexity lies in the origin-based nature of import tariffs in the diamond industry. Since most polished diamonds are not cut in the U.S., any tariffs targeting “US diamonds” would only affect a small fraction of the trade. Nevertheless, enforcement would necessitate rigorous documentation and inspections, resulting in increased administrative burdens and shipment delays.

She concluded with optimism, calling for continued dialogue and negotiated resolutions to broader trade disputes, while encouraging the EU to maintain its measured and trade-friendly policies moving forward.