Debmarine Seeks Blanket Exemption from US Tariffs
August 12, 25
(IDEX Online) - Debmarine Namibia is seeking a "blanket exemption" from the 15 per cent US tariffs that have been imposed on its rough and polished diamond exports since last Thursday (7 August).
The 50/50 joint venture between De Beers and the Namibian government argues that the US does not produce diamonds and should not impose punitive measures on Namibian exports.
A substantial proportion of Namibia's rough production is polished in India, and is now subject to 50 per cent tariffs, which has a knock-on effect for Namibia.
In April, US President Donald Trump announced a 21 per cent tariff on Namibia, which was subsequently revised down to 15 per cent. That came into effect last week.
Like many companies and governments, Debmarine waited until now to see if negotiations or trade discussions might lower, remove, or clarify these tariffs before taking formal lobbying action.
"We are engaging the US government to seek a blanket exemption on both rough and polished diamonds," said Willy Mertens, CEO of Debmarine.
"The US does not produce diamonds, so these tariffs serve no protective purpose for American industry. This is not a stable situation. Today it's 15 per cent, tomorrow it could be 30 per cent."
Debmarine Namibia, which recovers most of its diamonds from the sea, reported a 38 per cent slump in revenue for 2024.
Pic shows the Debmarine vessel Benguela Gem.