The US diamond and jewelry industry is expected to experience delays in the coming weeks due to uncertainty surrounding tariffs imposed by President Donald Trump. Major retailers are hesitant to buy inventory, citing increased costs due to the 10% duty on imports that took effect on April 5. This has led to leaner inventories, causing a late season for buying.
President Trump also plans to impose additional penalties on imports from Russia as punishment for its purchase of jewelry. Despite this, some retail highlights include new Pomellato collection and Qeelin’s sales in the first half of the year. However, overall sentiment suggests that tariffs have made it irrelevant to consumer demand.
Source: https://rapaport.com/news/majors-hold-off-on-buying-diamonds-amid-tariff-uncertainty