Policies & IssuesJul 07, 2025
Higher Tariffs Set to Take Effect Aug. 1, Officials SayPolicies & IssuesJul 28, 2025
U.S.-EU Come to Agreement on Tariffs
Announced Sunday, the deal will set the tax on goods imported into the United States from the European Union at 15 percent.
The United States and European Union have reached a preliminary trade deal that places a 15 percent tariff on EU imports. The deal was announced Sunday at President Donald Trump’s golf course in Turnberry, Scotland.
Turnberry, Scotland—On Sunday in Scotland, President Donald Trump and European Commission President Ursula von der Leyen announced that after weeks of negotiations, the two have come to a preliminary trade deal.
While final details are still being hammered out, the agreement reached Sunday will set the tax on the vast majority of EU goods imported into the United States at 15 percent.
That is less than the rate Trump initially proposed when he announced his slate of “reciprocal” tariffs in April, 20 percent, and half of what he threatened in the midst of negotiations earlier this month.
However, it is still a significant increase from the current tariffs on EU goods, which hover in the low single digits on average.
In exchange, the EU has agreed to purchase $750 million in energy from the U.S. over the next three years and increase its investment in the U.S., particularly in the pharmaceutical and automotive industries.
The U.S. and EU also have agreed to a “zero-for-zero” tariff on certain products.
According to a statement from von der Leyen, they are: all aircraft and aircraft component parts; certain chemicals, generic drugs, and agricultural products; semiconductor equipment; natural resources; and critical raw minerals.
The EU is a 27-nation bloc that includes several countries that are part of fine jewelry supply chain, Italy, Belgium, France, and Germany among them.
On Sunday, von der Leyen said the deal gives “much-needed clarity” for the EU’s businesses and its citizens.
Related stories will be right here …
While final details are still being hammered out, the agreement reached Sunday will set the tax on the vast majority of EU goods imported into the United States at 15 percent.
That is less than the rate Trump initially proposed when he announced his slate of “reciprocal” tariffs in April, 20 percent, and half of what he threatened in the midst of negotiations earlier this month.
However, it is still a significant increase from the current tariffs on EU goods, which hover in the low single digits on average.
In exchange, the EU has agreed to purchase $750 million in energy from the U.S. over the next three years and increase its investment in the U.S., particularly in the pharmaceutical and automotive industries.
The U.S. and EU also have agreed to a “zero-for-zero” tariff on certain products.
According to a statement from von der Leyen, they are: all aircraft and aircraft component parts; certain chemicals, generic drugs, and agricultural products; semiconductor equipment; natural resources; and critical raw minerals.
The EU is a 27-nation bloc that includes several countries that are part of fine jewelry supply chain, Italy, Belgium, France, and Germany among them.
On Sunday, von der Leyen said the deal gives “much-needed clarity” for the EU’s businesses and its citizens.
The announcement of the deal between the EU and U.S. comes less than a week before the higher “reciprocal” tariffs Trump initially proposed in April are set to take effect.
The White House has worked out preliminary deals with a few nations, including the United Kingdom, which is not part of the EU (10 percent), Vietnam (20 percent), and Japan (15 percent).
It also reached a temporary deal with China that lowers tariffs on both sides, though that deal is set to expire in mid-August.
For countries that have not struck a deal with the Trump administration, the higher tariffs are set to kick in this coming Friday, Aug. 1.
As of press time, the following are the pending rates on countries that are part of the jewelry supply chain.
These rates are sourced from The New York Times tariff tracker, which is updated regularly.
Angola: 32 percent
Botswana: 37 percent
Democratic Republic of the Congo: 11 percent
India: 26 percent
Israel: 17 percent
Lesotho: 50 percent
Mozambique: 16 percent
Namibia: 21 percent
South Africa: 30 percent
Switzerland (which is not part of the EU): 31 percent
Thailand: 36 percent
Zambia: 17 percent
Zimbabwe: 18 percent
Editors' Picks
Sponsored by
More on Policies & Issues
The Latest
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
SourcingJul 21, 2026
Anglo Reportedly Selects Gareth Penny’s Consortium as Top Bidder for De BeersA Botswana government official told lawmakers Anglo has selected The Global Diamond Consortium, an entity chaired by Penny, to buy De Beers.
Weekly QuizJul 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowJewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
Events & AwardsJul 16, 2026
MJSA Mentor & Apprenticeship Program Certifies First Advanced Apprentice GraduateThe graduate, Grace Barden, credited the program with helping her secure a job as a bench jeweler.
Events & AwardsJul 16, 2026
Jewelers of Louisiana to Host 80th ConventionThe event, scheduled for next month in New Orleans, will include dinner, a custom jewelry design contest, and education sessions.
SourcingJul 15, 2026
1,305-Carat Diamond Recovered from Mine in BotswanaThe yet-to-be named stone is the 10th diamond weighing more than 1,000 carats to come out of Lucara’s Karowe mine.
IndependentsJul 15, 2026
New Jersey Jeweler Barry Berman Dies at 81The founder of Fords Jewelers, Berman is remembered for his love of connecting with his community.
FinancialsJul 15, 2026
Watches of Switzerland’s US Sales Jump 18%, Declines to Comment on Sale Report The watch and jewelry retailer had a strong fiscal year despite what its CEO described as a “complex operating backdrop.”
Events & AwardsJul 15, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
CollectionsJul 15, 2026
Pomellato’s New High Jewelry Is LiberatingBold color, expressive gem-setting, and sculptural form define the three chapters that make up “Stile Libero.”
IndependentsJul 14, 2026
Foundrae Opens First Standalone Store Outside USThe New York-based jewelry brand has expanded overseas, opening a store in London’s Mayfair district.
ColumnistsJul 14, 2026
Sherry Smith: What Today’s Jewelry Consumer Is Telling Us Rising revenue does not automatically mean a healthy business, particularly in the current economic landscape, Smith writes.
TrendsJul 14, 2026
Amanda’s Style File: Shoulder Dusters These long, fluid drop earrings are sure to catch the eye.
CrimeJul 14, 2026
Man Charged in $1M Jewelry Store Heist Lands on FBI Most Wanted ListAlberto Perez-Elias is one of four men charged with robbing a Cape Coral, Florida, jewelry store and is the only one still at large.
