The American Gem Trade Association (AGTA) has cautioned its members about proposed U.S. tariffs that could affect gemstone and jewellery imports from India and several other major trading partners.
According to AGTA, the U.S. Trade Representative (USTR) has proposed tariffs of 10% or 12.5% on nearly all imports linked to forced labour concerns following a Section 301 investigation covering 60 trading partners, including India, Sri Lanka, Thailand, Cambodia, Australia and the European Union.
Tariff proposal
The proposed measures are intended to replace the temporary 10% global surcharge currently in force until July 24.
AGTA noted that gemstones are not included in the list of products exempted from the proposed tariffs, raising concerns for the gemstone and jewellery trade.
Industry impact
The proposal remains subject to public comments, hearings and further review scheduled for July before any final decision is taken.
AGTA said it is closely monitoring developments and assessing the potential impact of the proposed tariffs on the gemstone sector and international trade flows.
Trade board proposal
The association also highlighted USTR’s proposal to establish a new U.S.-China Board of Trade that could help identify products eligible for future tariff modifications.
According to AGTA, the proposed mechanism could create opportunities for the gemstone industry if certain products are considered for tariff relief in the future.
The American Gem Trade Association (AGTA) has cautioned its members about proposed U.S. tariffs that could affect gemstone and jewellery imports from India and several other major trading partners.
According to AGTA, the U.S. Trade Representative (USTR) has proposed tariffs of 10% or 12.5% on nearly all imports linked to forced labour concerns following a Section 301 investigation covering 60 trading partners, including India, Sri Lanka, Thailand, Cambodia, Australia and the European Union.
Tariff proposal
The proposed measures are intended to replace the temporary 10% global surcharge currently in force until July 24.
AGTA noted that gemstones are not included in the list of products exempted from the proposed tariffs, raising concerns for the gemstone and jewellery trade.
Industry impact
The proposal remains subject to public comments, hearings and further review scheduled for July before any final decision is taken.
AGTA said it is closely monitoring developments and assessing the potential impact of the proposed tariffs on the gemstone sector and international trade flows.
Trade board proposal
The association also highlighted USTR’s proposal to establish a new U.S.-China Board of Trade that could help identify products eligible for future tariff modifications.
According to AGTA, the proposed mechanism could create opportunities for the gemstone industry if certain products are considered for tariff relief in the future.