The European Union is ready to impose tariffs on diamonds, precious stones and precious metals imported from the United States. In response to President Trump's decision to impose new tariffs on all US imports of aluminium and steel.
The goods that will be subject to the planned retaliatory duties, according to an EU list, include. «Diamonds, worked but not mounted or set (excluding industrial diamonds)». «Rubies, sapphires and emeralds, worked but not mounted or set». Silver, white gold, palladium and «imitation jewellery, of base metal, whether or not plated or coated with precious metal». The duties could total $28 billion.
«This would absolutely affect the American industry,» says Sara Yood, president and CEO of the Jewelers Vigilance Committee. «There are many US-based diamond dealers who bring processed polished products to the US for evaluation/grading and then ship them back to the EU. For example, to French maisons for setting in jewelry.».
According to data from the US International Trade Commission, last year the US exported $1.7 billion in unplaced diamonds to Belgium. Also $338 million in diamonds to France and $61 million in diamonds to Italy. They also exported $402 million in other unmounted gemstones to France. But also $102 million in Italy in 2024.
Canada, the largest supplier of aluminium to the United States, also announced new 25% tariffs on $29.8 billion worth of US imports. Canada's first round of retaliation, in response to Trump's initial tariffs, included several types of jewelry. His second list, in response to the steel and aluminum action, includes even more, with new surcharges on U.S. imports of pearl items, imitation jewelry and raw gold and platinum, including « scrap » metals.
EU President Ursula von der Leyen said in her statements on the imposition of countermeasures that the EU «deeply regrets» any retaliation, but felt it had no choice.
«Tariffs are taxes,» she said. «They are bad for business and worse for consumers. They disrupt supply chains. They bring uncertainty to the economy. They put jobs at risk. Prices will go up. Nobody needs this - on both sides, neither in the European Union nor in the United States.».
Source: jckonline.com
