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US-China Trade War May Hit Jewelry Industry
Jul 15, 2018 7:09 AM
By Rapaport News
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RAPAPORT... The Chinese diamond and jewelry industry is facing high
import tariffs to the US as trade tension escalates between Washington and
Beijing.
On July 10, the US Trade Representative has announced plans for a
proposed 10% hike on products from China that have an annual trade value of $200
billion, with various raw materials and accessories used in the jewelry trade
listed in President Donald Trump’s new tax proposal.
Among these items are rough “miners’” diamonds, unworked,
sawn, cleaved or bruted; industrial diamonds; diamond dust and powder; wooden
jewelry boxes; glass beads, pearls and imitation stones; gold or silver
articles, including metal clad with gold or silver; and articles of precious
metal, other than gold or silver.
While the tariffs will be reviewed at an August 20 to 23
hearing before being implemented, the proposed levies contradict the earlier
sentiment throughout the industry that the trade would not be affected. China
exports very few rough stones, while the US imports only a small number.
Therefore any diamond trade between the countries primarily involves polished
stones, which were not included on the roster.
As yet, the list also does not include hikes on finished-jewelry
products, a large category for China, which manufactures many silver, gold and
platinum pieces for large US brands.
Image: Juliya_Ka / Shutterstock
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Tags:
Colin Shah, Gem & Jewellery Export Promotion Council, Jewelry, Julius Zheng, President Donald Trump, Rapaport News, Shenzhen Rough Diamond Exchange, tariffs, Trade War, US Trade Representative
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