The World Federation of Diamond Bourses (WFDB) says it stands united with the industry-wide position to request that the US government grant a tariff exemption for natural diamond imports.
The WFDB says it supports the statement released by the World Diamond Council (WDC) on May 5, which advocates for an industry-wide strategic exemption for natural diamonds.
It notes that the WDC statement has been endorsed by leading industry organisations including the Antwerp World Diamond Center, the International Diamond Manufacturers Association and the Gem and Jewellery Export Promotion Council of India.
In its statement, the US-based WDC, which represents the international natural diamond value chain, acknowledges the US government’s emphasis on fair and reciprocal trade and advocates for policies that support strengthening American manufacturing to deliver tangible benefits to US businesses, workers and consumers.
“In this spirit, the WDC respectfully urges the US Administration to consider granting a targeted exemption for natural diamonds (HS Codes 7102.10 and 7102.31) from proposed tariffs and to include them on the Annex II list,” the council states
The WDC notes that natural diamonds are not produced in the US but are vital to the health of the American jewellery industry. It warns that import tariffs may jeopardise the US jewellery industry, which generates more than $117-billion of economic activity and supports over 200 000 jobs.
“I heartily support the position put forth in the WDC statement. Tariffs on natural diamonds would harm the small, independent retailers who make up the bulk of the industry in the US and would tax American consumers, largely young couples buying engagement rings as they begin their lives together,” says WFDB president Yoram Dvash.
Dvash emphasises that he supports the WDC’s call for fair and reciprocal trade.
“We join the industry in calling on the US government to exempt natural diamonds and on governments around the world to support reciprocity throughout the diamond pipeline,” he says. – (Mining Weekly)
