De Beers Optimistic About U.S. Tariff Exemptions for Natural Diamonds

De Beers is closely monitoring ongoing negotiations between the Indian and U.S. governments. India, a major hub for diamond cutting and polishing, is leading diplomatic efforts to secure favourable terms under the direction of its commerce ministry. The company views India’s strategic approach as instrumental in pushing for a tariff deal that could exempt natural diamonds from added duties.

The diamond industry more broadly is also lobbying for relief. The World Diamond Council is working with global governments to push for exemptions on natural diamonds, while the American Gem Trade Association is advocating to have colored gemstones excluded from tariffs as well.

Meanwhile, De Beers reports mixed performance in the U.S. market. Sales of fashion diamond jewellery have seen modest growth this year, while the bridal segment has experienced slight declines. In April, U.S. independent jewellers recorded an 8% year-on-year increase in sales, signaling gradual improvement.

As part of its growth strategy, De Beers is also expanding its retail presence in India with the rollout of the Forevermark brand. The initiative will launch in Mumbai and Delhi, with plans to expand to 100 stores across the country.