International News
US NRF forecasts total holiday sales to cross $1 trillion; Clothing , jewellery are second most-wished-for gifts
The US National Retail Federation (NRF) forecasts strong consumer spending on gifts, including jewellery, for the 2025 Christmas season, projecting overall holiday retail sales growth of 3.7% to 4.2%. While the NRF doesn’t provide a specific forecast for jewellery, it notes that clothing and accessories (including jewellery) are highly desired gifts, and younger shoppers are particularly likely to purchase jewellery, often finding inspiration on social media platforms like TikTok and Instagram.
Key NRF holiday forecast details
- Overall sales: NRF forecasts total holiday sales to grow between 3.7% and 4.2% over last year, reaching over $1 trillion for the first time.
- Consumer spending: The forecast is driven by strong underlying consumer fundamentals, with shoppers prioritizing spending on gifts for loved ones.
- Shopping habits: Shoppers are starting early to manage budgets, avoid crowds, and take advantage of promotions. Online shopping remains the top method, followed by grocery stores and department stores.
Jewellery-specific insights
- High-demand gift: Clothing and accessories (including jewelry) are the second most-wished-for gifts, after gift cards.
- Younger shoppers: Consumers aged 18-24 are especially likely to purchase jewellery, and they find gift ideas on social media platforms like TikTok and Instagram.
International News
AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones
Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.
The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.
The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.
AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.
Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.
If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.
While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.
“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.
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