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
Belgian Prime Minister Bart De Wever opens expanded HRD Antwerp laboratory in Mumbai
HRD Antwerp is increasing its research capacity in Mumbai by 30%. The official opening, which takes place as part of a two-day visit by Prime Minister Bart De Wever to India, marks an important next step in the growth of HRD Antwerp in India
In the presence of Belgian Prime Minister Bart De Wever, HRD Antwerp, Europe’s leading authority in diamond and jewellery grading and a subsidiary of the Antwerp World Diamond Centre (AWDC), officially opened its renovated and significantly expanded laboratory in the Bandra Kurla Complex (BKC) in Mumbai, India. Thanks to the expansion, HRD Antwerp is increasing its research capacity in Mumbai by 30%. The official opening, which takes place as part of a two-day visit by Prime Minister Bart De Wever to India, marks an important next step in the growth of HRD Antwerp in India, one of the world’s leading centres for the trade and cutting of natural diamonds.
For HRD Antwerp, a grading report is not an administrative document but a guarantee of trust, transparency and authenticity. As an independent, neutral party between science, industry and consumer, HRD Antwerp is a worldwide guarantor of objective and reliable diamond and jewellery grading, a principle the organisation has upheld since its founding. HRD Antwerp was established in 1973 and has been active in India since 2012. Today it serves around 1,500 clients there, including jewellery manufacturers and retailers, as well as companies that produce and trade cut diamonds.
The Indian branch now accounts for 59% of HRD Antwerp’s total group revenue and is expected to grow by 15.4% this year, compared with a projected growth of 12.6% for the group as a whole. Jewellery grading is an important growth driver in this respect: as much as 47% of HRD Antwerp’s total revenue increase comes from that segment.
“As the authority in grading reports for natural diamonds and diamond jewellery, and in research into natural diamonds, we are already firmly established in India today”, says Paul De Wachter, CEO of HRD Antwerp. “India remains the world’s most important centre for diamond cutting. For a diamond laboratory such as HRD Antwerp, which provides cut natural diamonds with an independent and objective grading report, it is therefore essential to keep investing in this market.”
Thanks to the expansion, HRD Antwerp in Mumbai can now examine and grade up to 2,000 diamonds per day, a capacity increase of 30%. To support this additional capacity, HRD Antwerp is recruiting 40 additional employees to work full time. The investment underlines HRD Antwerp’s confidence in the Indian market and strengthens the longstanding cooperation between Belgium and India within the international diamond and jewellery sector.
During the opening, Prime Minister Bart De Wever was given a tour of the renovated office. He was shown the diamond grading process and was able to examine a diamond up close himself using a microscope. The demonstration was provided by HRD Antwerp’s Indian experts.
Alongside the Prime Minister, also present were Paul De Wachter, CEO of HRD Antwerp, Ramakant Mitkar, Managing Director of HRD Antwerp India, Chirag Shah, Vice Chairman of AWDC, Didier Vanderhasselt, Belgian Ambassador to India, and Frank Geerkens, Consul General of Belgium in Mumbai.
Paul De Wachter, CEO of HRD Antwerp: “The visit of our Prime Minister underlines the importance of cooperation between Belgium and India within the global diamond sector. India and Antwerp together form two indispensable links in the international diamond chain. With this expansion, we are investing not only in additional capacity, but above all in the future of our cooperation with the Indian diamond and jewellery sector.”
Bart De Wever, Prime Minister of Belgium wrote the following message in HRD Antwerp’s guestbook during his visit: ” Sicut adamas fulget, ita fiducia inter gentes monet. As a diamond shines, so trust endures between nations “
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