WDC Call to Exempt Diamonds from US Tariffs
May 06, 25
(IDEX Online) - The World Diamond Council (WDC) is urging the US government to exempt natural diamonds from its tariff proposal.
It says such a move would help safeguard the $117bn US jewelry industry and protect the jobs of over 200,000 Americans.
The WDC, a not-for-profit trade association based in New York, says tariffs on diamonds would hit consumers, rising the prices of engagement rings, anniversary gifts, and other jewelry items.
It calls on the US government to to consider granting a targeted exemption for natural diamonds from proposed tariffs, which are due to take effect in July.
"Our members are united in calling on the US government to exempt natural diamonds and on governments around the world to support the exemption reciprocally, ensuring that trade policies support jobs, competitiveness, and consumers," said WDC president Feriel Zerouki (pictured).
She also said the WDC supported President Trump's drive for fair and reciprocal trade.
He announced a raft of tariffs on 2 April - baseline 10 per cent on virtually all imports into the US, and reciprocal tariffs on countries identified as having unfair trade practices or significant trade surpluses.
The reciprocal tariffs were paused a week later for a 90-day period.
The WDC says US jewelry sales total $91.5bn a year, and domestic jewelry manufacturing and exports contribute around $15bn and $10.5bn respectively.
Pic shows President Donald Trump announcing reciprocal tariffs in April.