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
De Beers Narrowed Losses In H1 2026 Despite A Sharp Decline In Rough Diamond Prices
The decline reflected significantly lower realised rough diamond prices, although underlying operating performance improved. higher production, increased sales volumes and aggressive cost-cutting helped offset weaker pricing.
De Beers narrowed its losses in the first half of 2026 despite a sharp decline in rough diamond prices, as higher production, increased sales volumes and aggressive cost-cutting helped offset weaker pricing.
Revenue fell 19% to US$1.58 billion in the six months that ended 30 June 2026, from US$1.95 billion a year earlier. The decline reflected significantly lower realised rough diamond prices, although underlying operating performance improved.
Underlying EBITDA loss narrowed to US$113 million from US$189 million in the first half of 2025, while the underlying EBIT loss improved to US$209 million, compared with US$303 million a year earlier. EBITDA margin improved to -7% from -10%.
The average realised rough diamond price fell 32% to US$105 per carat, driven by a weaker product mix and a 16% decline in the average rough price index following inventory rebalancing measures introduced during 2025.
However, De Beers increased production by 46% to 14.9 million carats, while sales volumes rose 13% to 12.4 million carats, reflecting improved availability and stronger trading activity than in the comparable period. Unit costs declined 26% to US$64 per carat, helping cushion the impact of lower prices. Capital expenditure was reduced by a third to US$115 million.
During the second quarter, De Beers sold 6 million carats of rough diamonds, generating US$665 million in consolidated revenue, compared with US$1.2 billion from 6.8 million carats in the same period last year, underscoring the continued pressure on prices despite relatively stable demand.
The company maintained its 2026 production guidance at 21-26 million carats, although planned maintenance at the Orapa and Jwaneng mines and the proposed production pause at the Venetia mine in South Africa are expected to reduce output in the second half. Unit cost guidance remains unchanged at around US$80 per carat.
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