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
Lost Florentine Diamond Resurfaces in Canada After a Century, Tracing Its Glittering Origins to India’s Golconda Mines
Once a royal treasure of the Medici and Habsburg dynasties, the 137.27-carat gemstone reemerges in a Montreal vault, reaffirming India’s Golconda as the cradle of the world’s most storied diamonds.
The legendary Florentine Diamond — a 137.27-carat light yellow gemstone believed to have originated from India’s famed Golconda mines — has been rediscovered in a Canadian bank vault, ending over a hundred years of intrigue surrounding its disappearance.
According to recent reports, the diamond—once among Europe’s most celebrated royal jewels—was located in a vault in Montreal, safeguarded for decades by descendants of the Austrian imperial Habsburg family. The gemstone vanished after the fall of the Austro-Hungarian Empire in 1918, following Emperor Charles I’s exile, sparking decades of speculation over its fate — whether it was stolen, lost, or secretly sold.
Historians now confirm that Empress Zita, widow of Charles I, discreetly transferred the diamond to Canada during World War II for safekeeping. Its authenticity was recently verified by a European jewellery house that historically served the Habsburg court, confirming the gem’s provenance and preservation.
Renowned for its pale yellow hue and unique double-rose cut with 126 facets, the Florentine Diamond boasts a storied history — from its origins in India’s Golconda mines, to the Medici treasury in Florence, and later as part of the Austrian Crown Jewels in Vienna.
Its rediscovery has reignited global fascination with India’s gem legacy, which gave birth to other iconic diamonds like the Koh-i-Noor, Hope, and Nassak. Experts say the find underscores the importance of provenance and gem heritage in an increasingly globalised jewellery market.
The Habsburg family has announced plans to publicly exhibit the diamond in Canada next year, with potential displays in Europe to follow.
After more than a century of obscurity, the reemergence of the Florentine Diamond not only restores a lost royal masterpiece but also revives India’s enduring connection to the world’s most illustrious jewels.
Lost Florentine Diamond Resurfaces in Canada After a Century, Tracing Its Glittering Origins to India’s Golconda Mines
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