The European Union is considering the introduction of tariffs on diamonds, gemstones, and precious metals imported from the United States. This move comes in response to President Donald Trump’s decision to impose new tariffs on aluminum and steel imports.
A list released by the EU outlines the goods that could be affected, including “worked diamonds” (excluding industrial diamonds), “rubies, sapphires, and emeralds” (not strung, mounted, or set), silver, platinum, palladium, and “imitation jewelry” made from base metals. The tariffs could amount to as much as $28 billion.
Sara Yood, president and CEO of the Jewelers Vigilance Committee, expressed concern, stating, “This would absolutely affect the U.S. industry.” Many U.S.-based diamond dealers import loose polished diamonds for evaluation and grading, then send them back to the EU, where they are set into jewelry by companies like those in France.
According to data from the U.S. International Trade Commission, the U.S. exported $1.7 billion in unmounted diamonds to Belgium last year, $338 million in diamonds to France, and $61 million to Italy. Additionally, $402 million in other unset gemstones were sent to France, and $102 million to Italy in 2024.
In retaliation to Trump’s steel and aluminum tariffs, Canada, the top aluminum supplier to the U.S., announced new 25% tariffs on $29.8 billion worth of U.S. imports, which includes various jewelry items. Canada’s second list of targeted goods, effective March 13, also includes pearl items, imitation jewelry, and unwrought gold and platinum.
EU President Ursula von der Leyen remarked that the EU “deeply regrets” having to impose retaliatory tariffs but felt compelled to act. “Tariffs are taxes,” she stated. “They are bad for business, and worse for consumers. They disrupt supply chains and bring uncertainty to the economy. Jobs are at stake, and prices will go up. Nobody needs that—on both sides, in the EU and the United States.”
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