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
De Beers Cuts Diamond Production But Sees Sales Rise
The Main Reasons For The Drop Were Planned Repair Work In Botswana and Slower Operations At Its Venetia Mine In South Africa. Demand For Diamonds Grew In The US and India.
De Beers produced 11% fewer diamonds in the third quarter of 2026 compared to last year, bringing total production down to 6.8 million carats. The main reasons for the drop were planned repair work in Botswana and slower operations at its Venetia mine in South Africa before it temporarily pauses production for two years.
Despite lower production, overall diamond trading improved. Demand for diamonds grew in the US and India, and the market became better balanced. However, lab-made diamonds continued to hurt sales of cheaper natural diamonds.
Production Highlights by Country
Botswana: Down 20% to 4.8 million carats due to maintenance at the Orapa mine.
South Africa: Down 37% to 418,000 carats as the Venetia mine slowed down.
Namibia: Up 8% to 495,000 carats.
Canada: More than doubled to 1.06 million carats because the Gahcho Kué mine processed higher-quality ore.
On October 16, De Beers took full ownership of Canada’s Gahcho Kué mine after taking over its partner Mountain Province’s 49% share. Starting in the fourth quarter, De Beers will report all production from this mine on its own books. This will raise De Beers’ official production numbers, but it will not change the overall amount of diamonds in the world market.
Sales Revenue: Reached $731 million for the quarter, up 4% from $700 million last year.
Sales Volume: Nearly doubled to 8.7 million carats, up from 4.6 million carats a year ago.
Even though sales volume went up, the average price De Beers received per carat so far this year fell 37% to $97. This was caused by an 18% drop in overall rough diamond prices and the fact that De Beers sold a higher proportion of cheaper diamonds this year.
Because De Beers now owns 100% of the Gahcho Kué mine, it raised its full-year 2026 production target to 25–28 million carats (up from 21–26 million). It also lowered its expected production cost from $80 to about $70 per carat. The company said it will keep watching market demand and adjust its production as needed.
-
National News2 hours agoPrecious Metal Futures Continued Their Downward Momentum
-
JB Insights1 hour agoIndia’s Major Retail Jewelers See Double Digit Revenue Growth
-
DiamondBuzz1 hour agoDe Beers Cuts Diamond Production But Sees Sales Rise
-
National News22 hours agoBHIMA Jewellery Receives Prestigious IAGES Accreditation
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.