Breakthrough nears in US diamond tariffs :: Mmegi Online

The United States this week agreed to scrap tariffs on diamonds polished in the European Union, a major breakthrough that boosts the industry and lifts hopes of similar agreements for other centres and producers such as Botswana.

In a statement on Wednesday night, the Antwerp World Diamond Centre (AWDC) announced that its exports to the US were now free from tariffs. The US is now applying an arrangement where certain products can be imported at zero tariff if a bilateral agreement between that country and the US has been agreed upon.

“The United States applies new country-specific tariffs on diamond imports via Annex II, a list of certain products that can be exempt from tariffs in case a bilateral agreement is concluded. “For Belgian (EU) traders, this means polished diamonds of EU origin can now be imported at a zero percent import tariff when entering the US. “This exemption makes Antwerp the only major trading hub with tariff-free access to the US market,” the AWDC said.

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