Having just returned from California, where GIA’s Symposium and AGS’s Conclave joined forces as CONVERGE, we had an opportunity to visit with Manu Nichani of Blue Moon Enterprises, AGTA member specializing in fine quality moonstone.
Nichani was clear: the coming year will be extremely challenging.
Gary Roskin
Roskin Gem News Report
The situation is pretty straightforward. If he doesn’t have it here already, he’s not getting any more. Not until tariffs are drastically reduced. Importing loose moonstone once carried no additional cost.
Now, a 50% tariff will crush business. For many dealers, the increase is enough to halt business. At the same time, Nichani reports that his clients continue to request their usual annual memos—some even asking for more—after stronger-than-expected sales last year.
Photo by Gary Roskin
Rough & Cut
Nichani doesn’t keep rough material here in the U.S. Cutting is all done in India. As a result, buyers seeking standard sizes similar to their previous orders may find existing goods available, but those requesting larger sizes, alternative colors, or unusual assortments, good luck. Chances are slim that you will find the goods.
Nor is there a workaround through other trading hubs. Narendra Modi, Prime Minister of India, has made it clear that his government is prepared to find other markets for Indian goods. Recent shipments of gems to Bangkok and Hong Kong for the September trade shows continue without difficulty.
For the moment, Nichani has inventory sufficient to meet demand for the approaching holiday season. Looking ahead to the Tucson shows in February, however, if tariffs remain at 50%, buyers may find only what remains of his current stock. – gr
