International News
Italy considers one-time tax to formalise privately held gold
A 12.5% disclosure tax could prompt families to declare inherited gold, reduce informal transactions and unlock billions in potential revenue.
Italy is weighing a one-off tax incentive that would allow households to formally declare undeclared gold—ranging from jewellery to bullion and collectible coins—according to an amendment to the 2026 budget law. The proposal offers individuals the option to certify the market value of such gold by June 2026 by paying a 12.5% levy, matching the tax rate applied to government bonds.
Currently, individuals lacking purchase records face a 26% tax on the entire sale value, rather than just capital gains, prompting many to avoid official channels and resort to informal markets. Lawmakers from the League and Forza Italia say the new measure could help reverse this trend, potentially unlocking over €2 billion in revenue if even 10% of privately held gold is disclosed.
Italy’s private gold holdings are estimated at 4,500–5,000 tonnes, valued at nearly €500 billion. Activity at “Compro Oro” shops has surged, with used-gold sales up 25% in 2025 and more than 1.2 million transactions a month, driven by rising prices and household liquidations.
Under the proposal, individuals who opt in would declare their gold at market value, pay the tax in one or three instalments, and receive a stepped-up fiscal basis for future sales. The process would be overseen by authorised intermediaries with strict anti–money-laundering safeguards. Supporters say the measure could boost transparency and liquidity in a sector long dominated by undocumented family inheritances. The amendment now awaits government review and parliamentary approval.
International News
AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones
Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.
The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.
The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.
AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.
Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.
If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.
While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.
“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.
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