The US government announcing a 10 per cent tariff covering new commodities imported from China has some good news for India's gem and jewellery industry.
The 10 per cent tariff, starting September 1 if China's government does not give satisfactory reasons against it, will apply to rough and polished diamonds, rough and polished “synthetic gemstones” as well as “jewellery articles of precious or semi-precious stones" coming into the US from China.
Paul Zimnisky, a diamond analyst and consultant in New York, said: “The US imports less than 1 per cent of loose polished diamonds from China but 15 per cent of jewellery.