New Round of Trump Tariffs Hits Key Jewelry-Sourcing Countries

By JCK News Desk | July 24, 2026

The Trump administration has imposed new tariffs of 10% and 12.5% that could affect a wide range of imported jewelry, diamonds, gemstones, and precious metal products.

President Trump has sought alternative routes to imposing tariffs since the Supreme Court invalidated those he’d implemented under the International Emergency Economic Powers Act (IEEPA).

He is using Section 301 of the 1974 Trade Act to justify the new levies, targeting 60 countries that the Trump administration claims failed to enforce prohibitions on forced labor. They include many of the industry’s most important sourcing countries.

A release issued yesterday by the Office of the U.S. Trade Representative (USTR) said the tariffs would apply to “all products,” subject to exemptions listed in the annexes to the notice. The new duties took effect today. Goods already in transit are exempt.

“The story is not over,” Jewelers Vigilance Committee president and CEO Sara Yood tells JCK. “The administration is currently conducting other investigations that could result in additional tariffs in certain situations, so people need to unfortunately continue to pay attention.”

The diamond exemption under the IEEPA tariffs for diamonds and gemstones polished in the European Union (EU) apparently has been restored under the new tariff regime, according to a Reuters story. That affects the Antwerp World Diamond Centre, which exported more than $2 billion of polished diamonds to the United States in 2024.

India, one of the largest suppliers of finished jewelry and polished diamonds to the U.S. market, is among the countries subject to the new 10% tariff. Based on the list of “investigated economies” in the USTR notice, the 12.5% rate would apply to China, Hong Kong, Israel, Thailand, Turkey, and the United Arab Emirates—all of which play a role in the jewelry and gemstone supply chain.

The 10% levy also applies to imports from Argentina, Bangladesh, Cambodia, Canada, Ecuador, El Salvador, Guatemala, Honduras, Indonesia, Jordan, Malaysia, Mexico, Pakistan, Sri Lanka, the United Kingdom, and Trinidad and Tobago.

For imports from the EU or Taiwan, the Section 301 tariff is applied only to the extent needed to bring the combined most-favored-nation tariff and Section 301 tariff to 10% (if the MFN tariff is already 10% or higher, the Section 301 tariff is zero). The same “net of MFN” approach applies to Japan, South Korea, and Switzerland, but the cap for them is 12.5%.

Reuters and Bloomberg reported that the Trump administration is continuing separate Section 301 investigations into alleged excess manufacturing capacity, which could lead to additional tariffs. Countries targeted in those investigations include the EU, China, India, Japan, South Korea, and Switzerland.

The JCK News Desk uses AI to help research and produce the first draft of articles. This story was then reviewed by staff writers David Blomquist and Karen Dybis.

(Photo: Getty Images)