The World Federation of Diamond Bourses (WFDB) has formally expressed support for an industry-wide request to the U.S. Government, urging the exemption of natural diamonds from proposed import tariffs. The appeal centres around the economic impact that such duties could have on the U.S. jewellery sector and was initiated by the World Diamond Council (WDC).
The WDC statement, released earlier this week, calls for natural diamonds (HS Codes 7102.10 and 7102.31) to be included on Annex II, exempting them from the proposed tariffs. The WDC has received backing from multiple trade bodies, including the Antwerp World Diamond Centre (AWDC), the International Diamond Manufacturers Association (IDMA), and the Gem and Jewellery Export Promotion Council (GJEPC) of India.
Impact on U.S. Jewellery Market Cited
According to the WDC, natural diamonds are not mined in the United States but represent a significant component of its jewellery market. The organisation cites data indicating that the sector supports more than 200,000 jobs and contributes over $117 billion in economic activity annually. In its statement, the WDC notes:
“The World Diamond Council (WDC), the U.S.-based organization representing the international natural diamond value chain, acknowledges the U.S. Government’s emphasis on fair and reciprocal trade and advocates for policies that support strengthening American manufacturing to deliver tangible benefits to U.S. businesses, workers, and consumers.”
The WDC adds:
“In this spirit, the WDC respectfully urges the U.S. Administration to consider granting a targeted exemption for natural diamonds (HS Codes 7102.10 and 7102.31) from proposed tariffs and to include them on the Annex II list.”
WFDB Response and Industry Solidarity
WFDB President Yoram Dvash echoed the WDC’s concerns and highlighted the potential impact on small and independent retailers within the market. He stated:
“I heartily support the position put forth in the WDC statement. Tariffs on natural diamonds would harm the small, independent retailers who make up the bulk of the industry in the U.S. and would tax American consumers, largely young couples buying engagement rings as they begin their lives together.”
Dvash further added:
“We join the industry in calling on the US Government to exempt natural diamonds and on governments around the world to support reciprocity throughout the diamond pipeline.”
