Editor’s Note
The announcement of new U.S. import tariffs has introduced significant uncertainty for Antwerp’s diamond traders, who are now reassessing their export strategies. This report details the sector’s immediate concerns.
Uncertainty in the Diamond Sector
The additional import tariffs announced by US President Donald Trump are causing great uncertainty in the Antwerp diamond sector. Many diamond traders are questioning their exports to the United States.
“We fear we will have to pay the higher tariffs of the countries from which the rough diamonds originate,” explains Ine Tassignon of the Antwerp World Diamond Centre.
High Volume of Inquiries and Specific Fears
“In recent hours, our phone has been ringing non-stop and our email inbox is overflowing. Belgian diamond traders who do business with the US have many questions about the tariffs,” specifies Ine Tassignon.
The Antwerp World Diamond Centre fears that the US will impose higher tariffs on diamonds from Antwerp than the 20% announced for Europe.
A Global Product with Complex Tariffs
“Diamond is truly a global product. A rough stone from Botswana can be cut in India and sold to a customer in New York via Antwerp. But for each of these countries, the US has announced a different tariff: 37% for Botswana, 26% for India,” indicates Ine Tassignon.
The Antwerp World Diamond Centre suspects that the US will always apply the highest import tariffs.
“Last week, a Belgian diamond trader had to pay an import tariff of 25% because his rough precious stone came from Canada,” reveals Ine Tassignon.
The Centre sees this as a precedent and wants to quickly obtain clarifications.
Call to the EU: No Reciprocal Tariffs on Diamonds
The United States is the largest buyer of cut diamonds. In addition, the most important recognition laboratory for diamond certification is located in New York.
“This means that many rough diamonds are sent from Antwerp to the US, before being shipped back to Antwerp. There is a huge amount of traffic going both ways,” emphasizes Ine Tassignon.
This is why the Antwerp diamond sector is calling on the European Commission not to impose reciprocal tariffs on diamond trade from the US to Europe.
“That would create additional barriers that would only harm us.”
