World Diamond Council requests US government to exclude natural diamonds from tariffs. The council warns of potential job losses and economic disruption. Tariffs could raise consumer prices on jewellery. Retailers are concerned about inventory and rising costs. WDC advocates for fair trade to protect the jewellery industry. They highlight the industry's contribution to the US economy and jobs.

The World Diamond Council (WDC) has urged the US administration to exempt natural diamonds from proposed tariffs, citing a potential risk to over 200,000 jobs and $117 billion in economic output. Tariffs could increase consumer prices and disrupt inventory supply chains across the country. WDC advocates for fair trade policies that protect US jewellery retail and manufacturing.

Tariffs on diamonds would function as a consumption tax, raising prices on engagement rings, anniversary gifts, and other jewellery purchased by American families. Retailers are already reporting concerns about inventory pressures, and the uncertainty is beginning to translate into higher prices for consumers.

An exemption for natural diamonds would help ensure stable supply chains, protect U.S. manufacturing competitiveness, and prevent added costs for American consumers.

"We support President Trump’s drive for fair and reciprocal trade,” said World Diamond Council President Feriel Zerouki. “The current tariff review has highlighted the need for fair treatment across the board. Our members are united in calling on the U.S. 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. The diamond industry is aligned, and our members are engaging directly with officials to support a positive resolution.”

Natural diamonds are not produced in the United States, but are vital to the health of the American jewellery industry, an essential contributor to the national economy. The U.S. jewelry industry generates more than $117 billion in annual economic activity in America and supports over 200,000 American jobs. U.S. jewellery sales total some $91.5 billion annually, while domestic jewellery manufacturing and exports contribute around $15 billion and $10.5 billion
respectively, each year.

The United States is the world’s largest consumer of natural diamond jewellery, and the U.S. jewellery industry, long known for its creativity, entrepreneurship, and
craftsmanship depends on continued access to these essential goods.

Around 193,000 Americans work in jewellery stores in communities all over the country, with thousands more employed to support them. A tariff on natural diamonds would put all of this at risk.

Courtesy: ET