Editor’s Note
The jewelry trade shines bright this year, with natural diamonds poised for tariff exemptions from key partners. Even Bernard Arnault sidesteps the word “luxury.”
The jewelry trade is having a good year. Bernard Arnault (!) doesn’t like the word “luxury.” It’s the Jewelry Wire daily digest for Fri., July 10, 2026.
The United States will likely not place tariffs on loose natural diamonds imported from India and the European Union, though that depends on the approval of previously announced trade deals, sources tell.
If India and the United States do reach a new trade deal, most believe that natural diamonds will not be tariffed, given the industry’s importance to India, and the fact that diamonds are not found in any meaningful numbers in the United States. However, that hinges on the deal being finalized, and some in the Indian media have begun wondering what’s holding that up. If a deal isn’t finalized, the Trump administration has proposed placing a 12.5% tariff on all Indian imports, starting July 25.
These possible exclusions will likely only apply to loose diamonds, not diamond jewelry. Any tariffs will probably still apply to diamond jewelry—a lot of which is produced in India. However, as a piece’s origin is determined by where it’s cast, since the tariffs began, there’s been a huge increase in pieces imported from Mexico—as that’s governed by the United States-Mexico-Canada Agreement.
The European Union struck a deal with the U.S. last year, which meant that, for a few months, Antwerp could import loose natural stones to America duty-free. That exclusion also disappeared with the Supreme Court ruling, though it could come back if the EU and U.S. revive their old agreement. (Of course, the volume of diamonds cut and polished in Antwerp is small compared to the amount manufactured in India.)
Botswana and Namibia are not currently subject to 301 investigations, which means any rough or polished diamonds imported from those countries will likely not incur a tariff after July 24.
However, other diamond centers and producers—including Angola, Israel, Canada, the United Arab Emirates, and Thailand—are currently subject to 301 investigations, and it’s not clear whether natural diamonds will be excluded from any new tariffs.
Remember: Under current trade law, a diamond’s origin is determined either by where it’s mined (if it’s rough), or where it’s cut (if it’s polished). If you bought a stone from Antwerp but it was mined in Botswana and cut in India, its country of origin is listed as India.
In a report issued yesterday, Tenoris found that the industry had a solid first half of the year, with revenue rising 8.6%, driven by an incredible 19% jump in average purchase price.
It also found:
– Bracelets—and in particular, tennis bracelets—generated the highest revenue among jewelry categories during the year’s first half, with sales increasing 14% year-over-year.
– Natural diamond jewelry posted a single-digit increase in revenue, with average price rising and unit sales falling.
– Lab-grown diamond jewelry enjoyed double-digit revenue growth.
– Pearl jewelry “delivered a surprisingly strong first half.”
Jewelers Mutual has acquired CJB Insurance Services, which it describes as “Canada’s leading specialty jewelers block brokerage.” Financial terms were not disclosed. This is at least the fourth acquisition the Neenah, Wis.-based insurer has made in the last 18 months.