Diamond traders are warning that the $82bn industry has “ground to a halt” because of Donald Trump’s tariffs and the global trade war, with shipments through the gem-trading hub of Antwerp down to about one-seventh of usual levels.
Trump’s sweeping tariffs include a 10 per cent levy on diamond imports as well as proposed variable “retaliatory” duties by country of origin, even though many other minerals such as gold and copper are excluded from the measures.
The US is the world’s largest diamond consumer, accounting for about half of global demand, but it has to import all of them as it has no domestic diamond mines.
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