The World Federation of Diamond Bourses (WFDB) announced today that it stands united with the industry-wide position to request that the US Government grant a tariff exemption for natural diamond imports.
The WFDB supports the statement released by the World Diamond Council yesterday, which advocates for an industry-wide strategic exemption for natural diamonds. The WDC statement has been endorsed by leading industry organizations including the Antwerp World Diamond Center, the International Diamond Manufacturers Association and the Gem and Jewellery Export Promotion Council of India.
The WDC statement reads: The World Diamond Council (WDC), the U.S. based organization representing the international natural diamond value chain, acknowledges the U.S. Government’s emphasis on fair and reciprocal trade and advocates for policies that support strengthening American manufacturing to deliver tangible benefits to U.S. businesses, workers, and consumers.
In this spirit, the WDC respectfully urges the U.S. 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 WDC notes that natural diamonds are not produced in the U.S. but are vital to the health of the American jewelry industry. It states that import tariffs may jeopardize the U.S. jewelry industry, which generates more than $117 billion dollars of economic activity and supports over 200,000 jobs.
WFDB President Yoram Dvash said, “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 U.S. and would tax American consumers, largely young couples buying engagement rings as they begin their lives together.”
Dvash emphasized that he supported the WDC call for fair and reciprocal trade. He said, “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.”
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