International News
US eases tariffs on China, Thailand, Cambodia, Malaysia: jewellery and diamond trade set to benefit
The United States has announced a series of trade adjustments aimed at easing tariff pressures and boosting jewellery and diamond trade with key Asian partners.
President Donald Trump’s administration has secured an agreement with China to freeze or cut certain tariffs, trimming the average import duty on Chinese goods by 10 percentage points — from 57% to 47%. The move follows Beijing’s decision to suspend new export controls on rare earth elements vital to the technology sector.
In parallel, Washington and Bangkok have established a framework trade pact setting US tariffs on Thai goods at 19% while exploring potential exemptions. Both China and Thailand are major exporters of jewellery and diamonds.
The US has also reaffirmed reciprocal 19% tariffs with Cambodia and Malaysia under recently signed agreements, which include provisions for select products listed under Annex III — such as diamonds and jewellery — to qualify for zero-duty treatment.
Separately, the American Watch Association (AWA) and the Jewelers Vigilance Committee (JVC) filed a brief with the US Supreme Court on October 24 urging it to declare the reciprocal tariffs unlawful. The levies “impose extraordinary costs on American businesses, workers, and consumers without generating any meaningful offsetting benefit,” they argued.
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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