Rio Tinto Processes Remaining Diamond Stock from Shuttered Diavik Operation
Australia-based mining company Rio Tinto processed the remaining ore from its shuttered Diavik mine in Canada, recovering 33,000 carats of diamonds during the second quarter ended June 30. Although the Diavik mine officially ceased operations in March after reaching the end of its productive life, Rio Tinto said it will continue processing, manufacturing, and selling its remaining diamond inventory through at least the end of 2026. Diamond production dropped sharply following the closure. Second-quarter output fell 97% compared with both the previous quarter and the...
New U.S. Import Tariffs May Impact Colored Gemstones and Pearls
The United States Trade Representative (USTR) is conducting three Section 301 investigations that could result in new import tariffs by the end of the month, raising concerns for the colored gemstone and pearl trade. According to the American Gem Trade Association (AGTA), the proposed measures could affect imports of loose colored gemstones and cultured pearls. Preliminary findings cover around 60 countries, with a proposed 12.5% tariff on imports from 46 nations, including India, Thailand, Sri Lanka, Australia and several others. The USTR is expected to...
U.S. Imposes Tariffs on Canadian Diamonds and Jewelry Imports
U.S. President Donald Trump has imposed a 50% tariff on nearly $20 billion worth of Canadian imports, expanding the measures to include polished diamonds and jewelry. The new duties will take effect on August 19, according to the American Gem Trade Association (AGTA). Affected products include nonindustrial and loose polished diamonds, silver, gold necklaces and chains, precious-metal jewelry, and imitation jewelry, the Jewelers Vigilance Committee (JVC) said in a member alert. The tariffs are being implemented under Section 338 of the Tariff Act of 1930,...
Jewelry Division Drives Richemont's Strong First-Quarter Sales Growth
Richemont delivered a strong performance in the first quarter of its fiscal year, with its jewelry division leading revenue growth and sales increasing across every major region. Revenue from the group's renowned jewelry brands, including Cartier, Van Cleef & Arpels, Buccellati, and Vhernier, climbed 21% year on year to €4.73 billion ($5.4 billion) for the three months ending June 30. On a constant exchange-rate basis, sales were up 24%, marking the seventh consecutive quarter of double-digit growth for the division. The luxury group also reported...
