International News
EU Targets U.S. Gem and Jewellery Imports in $26 Billion Retaliatory Tariff Response
The European Union has announced a set of retaliatory measures to address the U.S.’s recent imposition of tariffs on European steel and aluminium, which have spurred tensions between the two economic powers. The European Commission revealed that it will implement tariffs targeting U.S. exports worth up to €26 billion, including diamonds, coloured gemstones, and jewellery. The measures, scheduled to take effect on April 1st, come as the EU decries the U.S. tariffs on steel and aluminium, which are valued at over €18 billion.
European Commission President Ursula von der Leyen emphasized that the EU’s countermeasures, which match the scale of U.S. tariffs, are designed to be both firm and proportionate. “As the U.S. is applying tariffs worth $28 billion, we are responding with countermeasures worth €26 billion. This matches the economic scope of the U.S. tariffs,” she stated.
However, the EU remains open to resolving the dispute through negotiations. Von der Leyen entrusted Trade Commissioner Maroš Šefčovič to continue talks with the U.S. in hopes of finding a mutually beneficial solution, stressing that both sides should avoid escalating tensions in a time of global economic uncertainty.
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.
The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
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