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
BDB Committee Hosts Consul General of Italy at Bourse; Discussions Focus On Boosting Trade Between The Two Countries
- Partnership between Europe’s Leading Jewellery Hub and World’s Largest Diamond Manufacturer will be mutually beneficial
- BDB requests modifications in Italy’s VAT Policy: Collection at Point of Sale Rather than Point of Import
The senior leadership of Bharat Diamond Bourse (BDB) welcomed H.E. Mr. Walter Ferrara, Consul General of Italy in Mumbai, on his visit to the BDB complex on June 30 to discuss opportunities for strengthening cooperation between India and Italy in the diamond and jewellery sector.
The BDB was represented by President Anoop Mehta, Vice President Mehul N. Shah, Honorary Joint Secretary Prakash Shah, and Committee Members Kiran K. Gandhi, Milan K. Parikh, Paresh Mehta, and Ramniklal Shah.
India and Italy both enjoy unique positions in the global diamond and jewellery industry. Italy is known for its exquisite jewellery and exceptional craftsmanship. It is Europe’s leading diamond and jewellery hub, and home to many renowned jewellery brands, while India is the world’s largest supplier of diamonds, including to Italy.
Business ties between the two countries have strengthened over the years, with nearly 100 Indian exhibitors participating annually in Vicenzaoro, Europe’s largest jewellery exhibition.
BDB leadership emphasised that there is enormous potential to further boost trade between the two countries, and suggested some policy reforms to help the process. They requested Italian authorities to consider shifting the collection of 18% VAT levied on loose diamonds to the point of sale rather than at the time of import.
Mehul Shah Said:
“The current system impacts the liquidity of Italian traders and hampers the cycle of trading and manufacturing. Shifting collection to the point of sale would ensure smooth tax compliance, while also enabling seamless trade between the two countries.”
The Hon’ble Consul General acknowledged the concerns raised by the BDB leadership and assured the delegation that he would ensure that their inputs were communicated to the relevant authorities. He also assured continued support to BDB members wherever required, including assistance in facilitating a faster visa process.
The visit concluded with a tour of the BDB campus and MDMA Hall, showcasing its world-class infrastructure and integrated trading ecosystem.
The interaction reaffirmed Bharat Diamond Bourse’s commitment to strengthening international partnerships and promoting constructive dialogue to support the continued growth, competitiveness, and sustainability of the global diamond and jewellery industry.
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