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
ALROSA Indicates Mir-Deep Project Could Commence As Early As Next Year
The Project Is Viewed As Strategically Significant Given The Historic Contribution Of The Mir Asset To ALROSA’s Production Portfolio
ALROSA has indicated that development activity at the proposed Mir-Deep project could commencece as early as next year, positioning the asset as the long-term successor to the original Mir Mine operation, which was permanently shut following the fatal 2017 flooding incident that resulted in eight casualties.
The company stated that it is prepared to accelerate execution of the construction phase of the Mir-Deep project—estimated in 2024 at an investment outlay exceeding US$1.5 billion—subject to favorable macroeconomic conditions and a reduction in borrowing costs. The development reflects ALROSA’s broader strategy to restore high-volume production capacity while optimizing capital deployment amid evolving financing conditions.
Mir-Deep is planned at the same site as the historic Mir mine in eastern Siberia and will involve the sinking of new shafts to access deeper diamond-bearing reserves located below the previous accident zone, within the same geological structure. The project is viewed as strategically significant given the historic contribution of the Mir asset to ALROSA’s production portfolio. Prior to its closure, the mine was producing approximately 3.8 million carats annually, representing nearly 10% of the company’s total output.
Originally commissioned in 1957 as the first diamond mine in the former USSR, the Mir operation remains one of Russia’s most iconic diamond assets. The 2017 flooding disaster resulted in extensive destruction of underground infrastructure, mining workings, and equipment, leading to the suspension of operations.
In an operational update issued on 28 April, Pavel Marinychev confirmed that preparatory activities initiated in 2023 had been completed and that Russia’s Main State Expert Review authority (Glavgosexpertiza) had approved the extraction of certain reserves within the project area.
Earlier resource assessments released in September 2023 estimated identified reserves at approximately 173.5 million carats. More recent evaluations by Russia’s State Commission on Reserves have reportedly increased the estimated resource base to nearly 200 million carats, further strengthening the project’s long-term economic potential and strategic relevance within the global diamond supply landscape.
ALROSA Indicates Mir-Deep Project Could Commence As Early As Next Year
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