A new 25% tax in Indian Goods. It’s gonna affect lab diamonds.

[Rockdiamond]

Natural diamonds too I’m sure. Goes into effect Friday.
I’ve already gotten notified by a few suppliers of price increases on the way.
Really sucks. Making us pay.

 

[Rockdiamond]

Just got this note from a grower/cutter...
Note: Just a quick heads-up on pricing. The figures you see today already include the tariff. Please be aware that effective tomorrow, prices will increase by a total of 40%. This breaks down to a 25% increase for loose diamonds and an additional 15% for the metal component.

 

[DejaWiz]

That does suck, but I hear the (supposed) reason is due to India buying oil from Russia which is enabling the terror against Ukraine.

 

[Rockdiamond]

All kinds of reasons for tariffs have been floated.
In this case, it's a 25% tariff ( tax which Americans pay) plus a 15% "penalty" tariff ( tax which we must pay) to punish India for buying Russian oil.
A hypothetical 5ct tennis bracelet, which is now $3500, will be $4900 starting Friday.
I'm all for efforts to end Russian aggression in Europe. If only this would make any difference, other than increasing costs for American consumers.....
Or maybe they'll build reactors and diamond factories here in the US.
Another goal, I'm sure we all support. It certainly seems like that's not going to happen.

 

[MMtwo]

The diamond industry really didn’t need this extra plot twist right now. Sorry!

 

[Daisys and Diamonds]

will this have any knock of effect in Non American markets ?