What are the new U.S. tariffs, and when do they take effect?
The United States has recently implemented significant tariff increases on various imported goods, including diamonds, gems, and jewelry. The baseline on all imports from any country is 10% (in place from April 5, 2025), and there will be country-specific tariffs from April 9, 2025.
For a full list of tariffs, please see here
For our industry, here are the important tariffs:
India 26%
European Union 20%.
China/Hong Kong 34%
Israel 17%
Botswana 37%
Thailand 37%
How are our products impacted?
Prices for diamonds, gems and jewelry will cost more when imported. The tariff cost will be levied on the buyer/importer.
The tariffs are imposed on imports based on the origin of the goods. The origin of polished diamonds will be where they were manufactured (if goods undergo a substantial transformation, the origin is where that transformation took place).
How will this affect pricing and sourcing on RapNet?
Suppliers are adjusting to the tariffs. Supply chains will realign. Expect changes in tariffs as countries negotiate with the US. Uncertainty is leading to markets freezing. However, expect prices to rise as imports will cost more, certainly in the short term.
Are RapNet sellers adjusting their shipping or invoicing practices?
Sellers within the US that rely on foreign sources for their stock are recalling memos and will increase their prices to reflect new replacement costs.
Diamonds already in the US will be temporarily relatively cheaper than external diamonds, until stocks run out. Expect shortages in certain categories.
New U.S. Tariffs FAQs: What RapNet Members Should Know
Understanding the New U.S. Tariffs: What RapNet Members Need to Know
Written by Philippa Corrick
Updated over 2 weeks ago