Skyrocketing diamond prices adding to cost of marriage proposals
Share this @internewscast.com

() People planning on proposing to their significant others in the near future face a new obstacle the rising price of diamonds.

India has long been the leading supplier of diamonds to the U.S., but the market took a significant blow after President Trump decided in April to introduce new tariffs on imports from India as part of his broader tariff strategy.

“Some of my colleagues had shipments that literally missed the cut-off by a day and ended up incurring these substantial tariffs when they came into effect,” explained Steven Grauer of Diamond District Partnership in New York City.

How the tariffs have impacted diamonds prices

As a consequence of Trump’s initial tariff announcement, consumer prices for natural diamonds increased by about 2% to 4%, according to diamond industry expert Paul Ziminsky.

Recently, the Trump administration doubled tariffs on imports from India from 25% to 50%, citing India’s ongoing ties with Russia regarding oil purchases as the reason.

Prior to the implementation of the new tariff, American importers had little difficulty acquiring polished diamonds, which were then used in the creation of rings and necklaces.

Zimnisky added that prices for natural polished diamonds in the U.S. have increased by upwards of 10% percent year-to-date.

What are the long-term ramifications for diamond rings with the tariffs?

Ya’akov Almor, an international diamond industry expert, believes the 50% tariff will destroy India’s ability to export diamonds.

Diamond rings averaged over $7,160 as of July, which was up nearly 8% from the previous year.

Share this @internewscast.com
You May Also Like

Kennedy aims to restrict CDC’s focus to dealing with infectious diseases only

A day following criticism from nine former directors of the Centers for…

Federal Court Prevents Trump from Deporting Alleged Venezuelan Gang Members Using Wartime Enemies Law

A federal appeals court has halted the Trump administration’s efforts to expel…

Wall Street Reacts to Court Ruling Against Trump Tariffs as Stocks Fall

U.S. stocks declined on Tuesday as investors processed new economic data alongside…

Understanding Toll-By-Plate: Who Is Responsible for Payment and When? Insights from Trooper Steve

ORLANDO, Fla. – While navigating through Central Florida, you’ll likely notice the…

Trump Urges Pharmaceutical Companies to Explain Success of COVID Treatments

(The Hill) — President Donald Trump on Monday called on pharmaceutical companies…

W. State of Franklin Lane Shutdown in Johnson City until Week’s End

JOHNSON CITY, Tenn. (WJHL) — The city of Johnson City has announced…

CBP reports seizure of counterfeit Labubu dolls valued at more than $500,000 at Seattle airport

A shipment of counterfeit Labubu dolls, which would be valued at over…

Nicholas Braun from ‘Succession’ Arrested for DUI in New Hampshire

“Succession” actor Nicholas Braun was arrested for allegedly driving under the influence…

Rudy Giuliani Discharged from Hospital Following Car Accident Injuries in New Hampshire

Rudy Giuliani has been discharged from the hospital and is “progressing well”…

Bristol’s Own Jaden Keller and the Hokies Seek Payback in Hokies Rematch

Blacksburg, VA — The Virginia Tech Hokies face a quick turnaround after…

China Showcases Military Strength with Parade

IE 11 is not supported. For an optimal experience visit our site…

Texas Attorney General Ken Paxton Advocates for Prayer Time in Schools

Texas Attorney General Ken Paxton is advocating for schools in Texas “to…