US Jewelers Seek Exemptions as Trump Threatens 100% Tariffs

(IDEX Online) - Jewelers of America (JA) stepped up its lobbying in Washington last week for tariff exemptions for diamonds, as the US threatened an unprecedented new round of tariffs.

Newly enacted legislation gives the president authority to impose tariffs of up to 100% on the five largest buyers of Russian oil and natural gas, which includes India.

JA members and executives were on Capitol Hill on September 15 for the association's annual Fly-In, urging lawmakers to exempt diamonds, gemstones and pearls from tariffs regardless of their country of origin.

They reminded lawmakers how the tariffs - along with the volatility in the precious metals markets and the economy in general -continue to cause a strain on business. They also discussed organized retail crime.

The delegation, led by JA president and CEO David J. Bonaparte, met with Senators Dick Durbin and Susan Collins and Representatives Jim Jordan and Dave Joyce.

"While some progress has been made in excluding diamonds, gemstones and pearls from tariffs, these have come on a country-by-country basis," Bonaparte said.

"Our Fly-In was imperative as we need for lawmakers in the House and Senate to push the President on exemptions for our industry, regardless of country of origin."

The lobbying came as the House was considering the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which it passed on September 16.

President Donald Trump signed it into law on September 18. The law gives the president authority to impose tariffs of up to 100% on goods from the five largest purchasers of Russian oil and natural gas, as well as five top facilitators of Russian sanctions evasion.

India is one of the largest buyers of Russian crude and is among the countries potentially exposed to the new tariff authority.

JA is seeking to have diamonds, gemstones and pearls included on the US Annex II list of products that can enter the country tariff free.

Bonaparte said the industry welcomed some of the subsequent exclusions.

"We were pleased to see that tariffs were not implemented on major diamond producing countries like Botswana and Namibia," he said. "Tariffs on diamonds from the EU were also removed - a huge win for Antwerp."

But he said the industry still needed to press Washington.

"Tariffs remain a major threat for the jewelry industry and officials need to hear repeatedly from us on why diamonds, gemstones and pearls should be excluded from them going forward," he said.

Pic, courtesy Jewelers of America, shows, from left, Alex Stuller of Stuller, Sheryl Jones of Sheryl Jones Inc., Rep. Harriet Hageman, Cath Taubner and William Taubner of Ball Chain.