The American Gem Trade Association (AGTA) warns of new proposed US tariffs that can impact the global gem trade. Their introduction could primarily negatively affect gem and jewelry imports from India and other key trading partners.
According to the AGTA, the Office of the US Trade Representative (USTR) has proposed tariffs of 10% or 12.5% on nearly all imports linked to forced labor, affecting over 60 trading partners, including India, Sri Lanka, Thailand, Cambodia, Australia, and the European Union.
The proposed measures are intended to replace the temporary 10% global surcharge in effect until July 24. The AGTA noted that gemstones are not included in the list of goods exempt from the tariffs. The proposal remains subject to public comment, hearings, and further review in July.
The AGTA also noted the USTR's proposal to create a new U.S.-China Trade Council, which could help identify products subject to future tariff changes. The association stated that it is assessing the potential impact and opportunities for the precious stones sector.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
