The World Diamond Council (WDC) is calling on the US government to provide a dispensation for the diamond industry when implementing tariffs, noting the levies would put more than 200,000 jobs at risk.
While the council — which represents the international natural-diamond value chain — acknowledged the government’s stance on fair and reciprocal trade, it emphasized that diamonds are not produced in the US but are “vital to the health of the American jewelry industry,” the WDC said Monday. It also pointed out they were an essential contributor to the national economy.
The group has been working on an initiative to appeal to the US government on diamond exemptions since shortly after the tariffs were announced. Tariffs on diamonds would function as a consumption tax, raising prices on engagement rings and other jewelry, WDC explained.
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