Editor’s Note
This article highlights the Belgian diamond industry’s relief following the EU’s decision to avoid imposing retaliatory tariffs on US imports. With the US being a critical market, this move safeguards a significant portion of Belgium’s polished diamond trade from potential disruption.
The European Union’s decision to forgo retaliatory tariffs has been explicitly welcomed by the Antwerp World Diamond Centre (AWDC). The USA, with an annual trade volume of approximately USD 3.9 billion, is a key country for Belgium’s diamond trade. Around 16 percent of Belgium’s trade in polished diamonds is accounted for by transatlantic exchange. An additional tariff burden would have had significant consequences for the entire industry – particularly for jewelers who rely on certified stones and fast supply chains.
In practice, diamonds are often shipped multiple times between Europe and the USA for certification or further processing. Tariffs would have meant that the same stones would have become subject to duties multiple times – a costly and logistical setback for the already complex processes in the gemstone trade. Thanks to the EU’s waiver, this flow will now remain unimpeded.
Tariffs would not only have meant financial disadvantages but also significant bureaucratic hurdles: every shipment from the USA would have had to be checked for its processing origin – a laborious control process with unclear effect. This is because many rough stones exported to the USA are not finally polished there but are merely graded or reworked. The measure would thus have caused more European damage than American influence.
For European jewelers, wholesalers, and importers, the EU’s waiver of retaliatory tariffs is a positive signal. It underscores the political and economic weight of Antwerp’s diamond trade and confirms the importance of free and tariff-free movement of goods – especially at a time when global trade routes are increasingly under pressure. The commitment of the Belgian government is also valued by industry representatives as an important contribution to securing the location.