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.
DiamondBuzz
Lost Florentine Diamond Resurfaces in Canada After a Century, Tracing Its Glittering Origins to India’s Golconda Mines
Once a royal treasure of the Medici and Habsburg dynasties, the 137.27-carat gemstone reemerges in a Montreal vault, reaffirming India’s Golconda as the cradle of the world’s most storied diamonds.
The legendary Florentine Diamond — a 137.27-carat light yellow gemstone believed to have originated from India’s famed Golconda mines — has been rediscovered in a Canadian bank vault, ending over a hundred years of intrigue surrounding its disappearance.
According to recent reports, the diamond—once among Europe’s most celebrated royal jewels—was located in a vault in Montreal, safeguarded for decades by descendants of the Austrian imperial Habsburg family. The gemstone vanished after the fall of the Austro-Hungarian Empire in 1918, following Emperor Charles I’s exile, sparking decades of speculation over its fate — whether it was stolen, lost, or secretly sold.
Historians now confirm that Empress Zita, widow of Charles I, discreetly transferred the diamond to Canada during World War II for safekeeping. Its authenticity was recently verified by a European jewellery house that historically served the Habsburg court, confirming the gem’s provenance and preservation.
Renowned for its pale yellow hue and unique double-rose cut with 126 facets, the Florentine Diamond boasts a storied history — from its origins in India’s Golconda mines, to the Medici treasury in Florence, and later as part of the Austrian Crown Jewels in Vienna.
Its rediscovery has reignited global fascination with India’s gem legacy, which gave birth to other iconic diamonds like the Koh-i-Noor, Hope, and Nassak. Experts say the find underscores the importance of provenance and gem heritage in an increasingly globalised jewellery market.
The Habsburg family has announced plans to publicly exhibit the diamond in Canada next year, with potential displays in Europe to follow.
After more than a century of obscurity, the reemergence of the Florentine Diamond not only restores a lost royal masterpiece but also revives India’s enduring connection to the world’s most illustrious jewels.
Lost Florentine Diamond Resurfaces in Canada After a Century, Tracing Its Glittering Origins to India’s Golconda Mines
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