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
Dholakia Lab Grown Diamond Secures Over Rs 800 Crore Funding
Funding Earmarked For High-Impact Vertical Scaling and Infrastructural Fortification
Dholakia Lab Grown Diamond (DLGD) has successfully executed a definitive investment agreement, securing over Rs 800 crore in a premier growth-stage funding round. This transaction represents one of the most significant capital injections within India’s Lab-Grown Diamond (LGD) ecosystem. The consortium was led by Abakkus PE, with strategic participation from ICICI Ventures IAF5, Amal Parikh, and a syndicate of high-profile institutional investors.
The newly mobilized liquidity is earmarked for high-impact vertical scaling and infrastructural fortification, specifically:
- Production Augmentation: Substantial investment in high-throughput growing technology to meet burgeoning global demand.
- Liquidity Management: Strengthening the working capital framework to support expansive operational cycles.
- Retail Proliferation: Accelerating the strategic rollout of a comprehensive pan-India retail footprint to capture domestic market share.
In a pivot toward high-margin industrial applications, DLGD is leveraging its proprietary synthesis capabilities to produce high-precision single-crystal diamonds. This initiative positions the firm as a critical component supplier for cutting-edge sectors, including:
- Quantum Computing & Semiconductors: Utilizing diamond’s superior thermal conductivity and electronic properties.
- Defense & Optics: Engineering specialized materials for high-stress aerospace and optical environments.
- Thermal Management: Providing heat-dissipation solutions for next-generation hardware.
Leveraging the multi-decade heritage of the Hari Krishna Group, DLGD maintains a robust, fully integrated value chain. This end-to-end oversight—encompassing synthesis, precision polishing, jewelry artisanal manufacturing, and international distribution—solidifies its competitive advantage in the sustainable luxury corridor.
As a pioneer in the sector, DLGD’s early-mover advantage—evidenced by its successful penetration of the US retail market as early as 2018—provides a seasoned foundation for its current expansion. By bridging the gap between luxury aesthetics and deep-tech utility, DLGD is poised to redefine the economic landscape of synthetic carbon structures on a global scale.
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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.