DiamondBuzz
US Jewellery Industry faces $117 Billion threat amid proposed diamond tariffs
The World Diamond Council (WDC), representing the global natural diamond value chain, has raised concerns over proposed U.S. tariffs that could place the $117 billion American jewellery industry at significant risk. In a formal appeal, the WDC urged the U.S. Administration to exempt natural diamonds (HS Codes 7102.10 and 7102.31) from the ongoing tariff review and include them in Annex II, citing their critical role in the nation’s economic and manufacturing sectors.
Natural diamonds, though not produced in the U.S., are essential to the health of the domestic jewellery market — a sector supporting over 200,000 American jobs and generating over $91.5 billion in annual sales. The combined impact of jewellery manufacturing and exports adds another $25.5 billion to the economy each year.
The WDC warns that tariffs on natural diamonds would effectively act as a consumption tax, raising prices on popular items like engagement rings and anniversary jewellery, placing additional financial strain on American families. Retailers are already experiencing inventory concerns, with inflationary pressures beginning to impact consumer prices.
“A tariff would destabilize the supply chain, weaken U.S. manufacturing competitiveness, and increase costs for consumers,” said Feriel Zerouki, President of the World Diamond Council. “We support the U.S. Government’s goal of fair trade, but urge an exemption for natural diamonds to protect jobs, competitiveness, and consumer access.”
The United States is the world’s largest consumer of natural diamond jewellery. The WDC emphasized that continued access to these goods is vital to preserving the innovation, craftsmanship, and entrepreneurship that define the American jewellery industry.
WDC members are actively engaging with U.S. officials, calling for a collaborative resolution that supports fair trade without undermining one of America’s most valuable consumer markets.
DiamondBuzz
Botswana and Angola Join WFDB As Nation Affiliate Members At Recently Concluded WFDB Summit
Bharat Diamond Bourse Postal Stamp Presented to Hon. Bogolo Joy Kenewendo, Minister Of Minerals and Energy, Botswana
Mehul Shah, Vice President of the Bharat Diamond Bourse, presented the official stamp released by the Department of Posts, Government of India, to Hon. Bogolo Joy Kenewendo, Minister of Minerals and Energy, Republic of Botswana during his visit where he represented the Indian Diamond Industry at the World Federation of Diamond Bourses Summit. of India to Hon. Bogolo Joy Kenewendo, Minister of Minerals and Energy, Botswana. Honorable Minister showed heartfelt appreciation during the presentation and reiterated the excellent relationship the Republic of Botswana shares with India.
On the Summit, Mehul Shah opined:
“I am very happy that Botswana and Angola have joined the WFDB as Nation Affiliated Members, broadening the Federation’s international representation and deepening engagement between producing countries and the global manufacturing countries. It was also a pleasure to meet Hon. Minister of Minerals and Energy Ms Kenewendo and present her the Bharat Diamond Bourse Stamp.“
Shah also invited mining entities present to visit the world class infrastructure housed within Bharat Diamond Bourse, the India Diamond Trading Centre [IDTC] to view and tender their respective Rough diamonds. He said that by doing this hundred of BDB members will save time and money on travelling to buy rough and in turn the tendering companies will get a good price benefit. IDTC is a 100% securitised ecosystem with viewing rooms, vault facilities and efficient IT systems including WIFI.
The World Federation of Diamond Bourses (WFDB) concluded its International Summit in Gaborone, Botswana. The summit brought together senior government representatives, industry leaders and stakeholders from across the global natural diamond value chain to examine the sector’s future amid shifting market dynamics and evolving consumer expectations.
Held in collaboration with Botswana’s Ministry of Minerals and Energy under the theme “Nation-Building and the Future of Responsible Luxury”, the summit focused on the long-term positioning of natural diamonds, including provenance, beneficiation, transparency, traceability, sustainability and value creation across producing nations and trading centers. The gathering sought to reinforce consumer confidence, standardise in grading & certificates and strengthen the value proposition of natural diamonds within an increasingly competitive luxury landscape.
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