The US’s bombshell announcement of import duties on the entire world has created panic in the diamond market.
The last time the industry experienced anything like this was in March 2020, when Covid-19 lockdowns froze the global rough and polished trade.
Dealers hope President Donald Trump is using his tariff policy as a negotiating tool and will reverse it soon.
For now, however, the market is in a crisis of uncertainty. The entire supply chain is worrying about the impact on demand and trying to understand how trading can continue.
As of April 5, America has been collecting 10% duties on almost all products from virtually all countries. From April 9, bigger levies will go into effect on imports from select targets, including India, which Trump has hit with a 27% tariff. India manufactures more than 90% of the world’s polished diamonds.
Many questions remain unanswered…
