Traders warn of ‘standstill’ as shipments through Antwerp drop 85%
Diamond traders are warning that the US$82-billion industry has “ground to a halt” because of Donald Trump‘s tariffs and the global trade war, with shipments through the gem-trading hub of Antwerp down to about one-seventh of usual levels.
Trump’s sweeping tariffs include a 10 per cent levy on diamond imports as well as proposed variable “retaliatory” duties by country of origin, even though many other minerals, such as gold and copper, are excluded from the measures.
The U.S. is the world’s largest diamond consumer, accounting for about half of global demand, but it has to import all of them as it has no domestic diamond mines. Although the White House has “paused” the so-called retaliatory tariffs for 90 days, the baseline 10 per cent tariff is already in effect and remains in place. The uncertain outlook has had a chilling effect on gemstone traders, as well as on India’s vast polishing industry.
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