International News
U.S. Begins Refunding $166 Billion In Struck-Down Trump Tariffs
Diamond and Jewelry Shipments Poised For Early Payouts.
Importers who shelled out $166 billion in so-called Trump tariffs are getting their money back, with diamond and jewelry shipments poised for early payouts.
The U.S. Customs and Border Protection agency kicked off the refund program on April 20 through its new CAPE portal in the ACE system. High-value entries like diamonds and jewelry—hit by International Emergency Economic Powers Act duties ruled illegal by the Supreme Court in February—top the priority list, especially recent or unliquidated shipments from the past year.
Approved claims could yield refunds plus about 6% annual interest within 60 to 90 days, offering a cash-flow jolt for importers. The payouts exclude the separate 10% global tariffs imposed later under different laws.
Shipping giants FedEx and UPS are vowing to return refunded money to customers in the wake of a February court ruling.
International News
Massive 11,000-Carat Ruby Uncovered In Myanmar
A massive 11,000-carat rough ruby has been recovered in the famed gem-rich region of Mogok, Myanmar, according to recent state media reports.
Weighing in at 2.2 kg (4 lbs 14 oz), the newly discovered stone is roughly half the size of the legendary 21,450-carat rough gem found in the same region back in 1996. However, experts and state officials report that this new find boasts vastly superior color, luster, and transparency.
Mogok rubies, sourced from the “Valley of Rubies” in Myanmar (Burma), are legendary for their unrivaled vivid color and supreme clarity. They are famous worldwide for their “pigeon blood” red hue, which is caused by trace elements and microscopic silk particles that scatter light and give the gem a glowing, velvety softness.
Key Details of the Discovery:
- Physical Properties:Â The giant gem exhibits a striking purplish-red color with yellowish undertones, excellent vitreous luster, and moderate transparency. It remains entirely in its natural, untreated state.
- Geopolitical Context: Myanmar supplies roughly 90% of the world’s rubies. However, the nation has been embroiled in a devastating civil war since a 2021 military coup—a conflict that has claimed approximately 90,000 lives and displaced over 3.5 million people.
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