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
Democrats Win In Midterm Polls Could Significantly Lift Industrial Demand For Silver
World Gold Council Data Going Back To 1970 Show Gold Rising 62% Of The Time In The Six Months After A Midterm, With A Median Gain Of Just 2%,
· Midterm Election Snapshot: Americans are voting for 435 House seats, 35 Senate seats, and 36 governorships. Forecasters expect Democrats to win the House (~90% chance), while the Senate remains a toss-up driven by voter concerns over inflation, tariffs, and the Iran conflict.
· Government Gridlock: A Democratic House would constrain President Trump’s agenda, leading to potential gridlock over spending and taxes.
· Impact on Precious Metals: Election outcomes matter to gold and silver mainly through their impact on Treasury yields and the US dollar. Silver enters the vote under weaker pressure, while gold holds up better.
· Historical Pattern: Since 1970, gold rises 62% of the time in the 6 months following a midterm, with a median gain of 2%—though past patterns are not guaranteed to repeat in 2026.
· National Debt Factor: A full Democratic sweep (“blue sweep”) could focus trader attention on the $40.5 trillion national debt ($120,000 per US citizen), which could eventually boost investment demand for both metals.
· War & Geopolitics: Funding for the 250+ day conflict with Iran would face heavy resistance in a Democratic Congress. An earlier end to the conflict would help gold and silver regain their traditional safe-haven status.
· Industrial Boost for Silver: Democratic policies prioritizing social infrastructure and green energy legislation would significantly lift industrial demand for physical silver, potentially aiding its effort to break back above the historic $50 mark.
· Interest Rate Risks: Higher federal spending could widen deficits and weaken the dollar (bullish for metals), but higher real interest rates and elevated Treasury yields could weigh on gold more than silver.
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