International News
GIA Suspends Acceptance of Overseas Submissions Requiring US Shipment
The Gemological Institute of America (GIA) has temporarily suspended the acceptance of goods at its international laboratories that require shipping to the US for services. This decision comes in response to new tariffs introduced by President Donald Trump’s administration.
In a recent communication to clients, GIA advised customers outside the US to refrain from sending items directly to its American labs for grading or other services. The institute explained that a baseline 10% tariff now applies to all goods imported into the US, with additional duties imposed on items from countries such as India, South Africa, and Thailand starting April 9. These tariffs affect gems sent for laboratory services, even if they are not intended for sale.
“There is a baseline 10% tariff on goods being imported into the US,” the GIA explained. “Additional tariffs for products from specific countries, including India, South Africa, Thailand and others, will begin on April 9. These tariffs will apply to gems being shipped to a GIA laboratory in the US, even if only for laboratory services and not for sale.”
The US recently implemented steep “reciprocal” tariffs, including a 27% import duty on Indian goods and 20% on those from the EU. While a Temporary Importation Under Bond (TIB) provision exists to exempt goods not for sale, industry experts have cast doubt on its applicability, asserting there are no valid exemptions for imported goods.
GIA acknowledged the potential confusion caused by these regulatory changes and urged clients to ensure compliance with US import laws. The organization is assessing the situation and considering operational adjustments to maintain service continuity at its international labs. Meanwhile, clients are responsible for any tariff charges incurred when shipping to GIA’s US locations, based on the country where the diamond was substantially transformed.
International News
US Midterm Elections: Gold, Silver Prices Surge As Democrats Take Control Of Congress
Democratic Win In Congress Creates Financial Support For Gold Because It Puts Downward Pressure On The U.S. Dollar and Interest Rates
Gold and silver prices jumped on Wednesday as election results pointed to major victories for the Democratic Party in the U.S. midterm elections.
This continues a strong trend from 2025, a year in which gold prices rose by 66% and silver prices surged by 135%.
Gold: Rose 3.4% to reach $4,073 per ounce.
Silver: Rose 5.1% to reach $52.28 per ounce.
The main driver was the outcome of the U.S. midterm elections. As votes were counted, projections showed that Democrats won control of the House of Representatives and took over several state governor positions.
Here is how other major financial markets reacted to the news:
U.S. Stocks: Rose as political uncertainty decreased.
U.S. Dollar: Fell by about 0.3%.
Treasury Yields (Interest Rates): Moved lower.
Oil Prices: Went down.
Democratic win in Congress creates financial support for gold because it puts downward pressure on the U.S. dollar and interest rates.
A divided government often leads to political arguments over government budgets, creating economic uncertainty. At the same time, global issues like the war involving Iran and a weaker U.S. dollar are competing against the Federal Reserve’s effort to raise interest rates.
In short, less government spending usually means lower long-term interest rates and a weaker dollar, which makes precious metals like gold and silver more attractive to investors.
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