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 Spot Gold Rebounds Above $4,700
Gold prices in the U.S. have moved back above $4,700 per ounce, with spot gold trading near $4,750 on Thursday, May 7, 2026. This marks a gain of over 1% in a single day, following its strongest rise in more than five weeks on Wednesday.
Although gold is still around 15% below its record high of nearly $5,595 per ounce, reached in January 2026, prices remain much higher than the $4,300–$4,400 support range seen during the market decline in late March.
Gold has been trading in a narrow range since the Iran conflict began in late February. During that period, prices dropped by more than 10% as rising oil prices increased inflation concerns, forcing the U.S. Federal Reserve to keep interest rates unchanged and pushing Treasury yields higher.
Now, market conditions are changing. Oil prices are easing, bond yields are falling, and investors are returning to gold, making it more attractive again.
Three main factors are supporting the recent rise in gold prices:
1. Falling U.S. Treasury yields:
The yield on the 10-year U.S. Treasury bond has dropped from around 4.4%, reducing the cost of holding gold. Since gold does not pay interest, lower bond yields make it a more attractive investment.
2. A weaker U.S. dollar:
A softer dollar generally helps gold prices, as it makes gold cheaper for buyers using other currencies.
3. Optimism over U.S.–Iran talks:
Renewed hopes of diplomacy between the U.S. and Iran have improved market sentiment, adding support to gold prices.
With Treasury yields easing and inflation fears cooling, one of the biggest pressures on gold since March is beginning to fade.
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