In the past two weeks, we have heard from the American Gem Trade Association’s CEO John Ford and president Bruce Bridges regarding U.S. tariffs, how they may affect the colored gemstone industry, and what AGTA is doing to protect their membership.
“AGTA has been and is in contact with officials in Washington seeking clarification on the tariffs on loose colored gemstones and finished jewelry,” noted Ford. To that point, AGTA has requested exact tariff numbers from the Commerce Department and Customs and Border Protection.
“Preventively, AGTA has reached out to elected officials in the Senate and House of Representatives for assistance and has requested that all the tariffs on loose precious and semi-precious gemstones be eliminated by special exception.”
Ford is concerned that tariffs will give international gemstone merchants “a significant competitive edge over U.S. based gemstone companies.” As for tariffs on finished jewelry imports, AGTA has advised the Senate and House Members that “the U.S. wholesale and retail jewelry sectors cannot afford the increased costs of the tariffs on finished jewelry, citing both sectors will be decimated.”
Ford reiterated, “I do anticipate the need for AGTA to undertake an effort in coordination with membership to lobby the Congress and the White House against these tariffs.”
Bridges noted that the AGTA was relieved to hear the president’s 90-day pause on reciprocal tariffs. “Nevertheless, this leaves in place the baseline tariff of 10% while individual countries negotiate with the U.S. on tariffs.” This still represents a serious threat to the AGTA’s membership.
According to Bridges, “The AGTA has retained a lobbyist specializing in ‘trade issues’ in Washington, D.C. to vigorously represent the AGTA’s interests and seek the elimination of the base line tariff for loose colored gemstones.”
AGTA will continue to keep their membership appraised of their efforts and what it can do to help in the process. Ford will be in contact with individual members who have key elected representatives in the U.S. Senate and House of Representatives. “Our lobbyist in Washington has developed a concise strategy to achieve the AGTA’s desired result that we will implement over the next several weeks.”
Both Ford and Bridges will be in Washington D.C. in the next several weeks working with their lobbyist and meeting with important Congressional members.
And here at the RGNR, we will try to keep you up-to-date on how all of this will affect the global gemstone trade.
Good Luck!
