The WDC called on the United States to protect the jewelry industry from duties

The World Diamond Council (WDC) has asked the US authorities to exclude natural diamonds from the list of goods subject to import duties. 

The council emphasizes that such a measure is necessary to protect the national diamond sector, which has a turnover of $117 billion per year, while creating about 200,000 jobs. The organization's statement emphasized that there is no diamond mining in the United States, and their import plays a key role in maintaining the stability and development of the country's jewelry industry, which has a significant impact on the economy.

The American jewelry market is showing high activity, generating annual sales of $91.5 billion. In addition, domestic jewelry production brings about another $15 billion to the economy, while exports of jewelry add about $10.5 billion. Thus, the contribution of this sector to the economic stability of the country cannot be overestimated.

The imposition of duties on natural diamonds threatens the stability of the industry, as such tariffs will effectively act as a consumption tax, increasing the cost of jewelry. The United States, being the largest market for jewelry with natural diamonds, may face rising prices. In order to maintain competitiveness and supply stability, it is proposed to exclude diamonds from duties.