The diamond world is panicking — and for good reason. The U.S. just slapped a 10% tariff on imported natural diamonds from India (where nearly all of them are cut), and it's about to jump to a staggering 26% in July 😱
Now the World Diamond Council (WDC) is going full throttle 🏃♀️💨, launching a global campaign to exempt diamonds from these brutal tariffs. Their goal? Get diamonds listed on the Annex II of the U.S. Harmonized Tariff Schedule — right next to gold, silver, and platinum. ✨
💬 “The U.S. doesn’t have any diamond mines,” says De Beers CEO Al Cook. “So no matter what tariffs you slap on imports, you're not creating mining jobs here.”
Here’s what’s at stake:
📈 Tariffs = higher prices for engagement rings, anniversary gifts, and family heirlooms
🛍 Retailers are already warning about inventory pressure and price hikes
👩💼 Nearly 193,000 Americans work in jewelry stores — and their jobs are now at risk
💼 WDC President Feriel Zerouki (also De Beers VP) is rallying international support. India and others are lobbying their governments to drop tariffs on U.S. diamonds too — tit for tat!
🔁 “If the U.S. goes to 0%, others should too,” she says
🍋 U.S. Commerce Secretary even hinted that items like mangoes and diamonds — which aren’t produced locally — might get special treatment in future deals
With trade war tensions cooling slightly (China’s 145% tariff dropped to 30% for 90 days), the diamond industry is hoping they can catch the same break… before July hits like a financial asteroid ☄️
Will the U.S. keep diamonds sparkling… or tax them into extinction? 💔💍