FOCUS 焦点 8 | JNA November/December 2025 Jewellers are describing the year 2025 as very challenging, with multipronged, widespread risks affecting business across the value chain – from mining and manufacturing to retail. Topping the list of unfortunate events derailing growth in the trade are US tariffs, first announced by US President Donald Trump on April 2. The US tariff scheme has since undergone various iterations, with some items still on the negotiating table. The impact, however, has been palpable. The 10 per cent base levy on all imports that remains in force alongside country-specific tariffs have hurt shipments of jewellery, gemstones and other related materials to the US market. India, a top exporter of gems and jewellery to the US, currently faces a 50 per cent tariff, but this could still change as trade negotiations ensue. Other major jewellery and gemstone hubs also face steep levies: Thailand, 19 per cent; Turkey, 15 per cent; Brazil, 50 per cent; and Sri Lanka, 20 per cent, to name a few. In September, the Antwerp World Diamond Centre (AWDC) announced that polished diamonds from Europe entering the US will no longer be subject to the standard 15 per cent tariff as a result of intensive negotiations between the US and the European Commission. In mid-October, Trump had threatened to impose an additional 100 per cent tariff on products coming from China, a few months after mutually agreeing to drop hefty levies on each other’s goods. A consensus had yet to be reached at press time. Exacerbating the situation is the unprecedented rise in the price of gold, which reached its 45th new all-time high of 2025 at US$4,000 per ounce on October 8, revealed the World Gold Council. Prices rose to above US$4,000/oz from US$3,500/oz in just over a month. Gold was priced at US$4,082.51/oz as of October 22, 2025. A lot of moving parts are also in play, including economic and geopolitical tensions. It is all seemingly catastrophic for jewellers – having to contend with ongoing volatility, pricier Lessons in resilience: Surviving 2025 2025年珠宝首饰业韧中求存 The jewellery and gemstone trade successfully navigates market challenges through innovative initiatives and demonstrated tenacity and perseverance. 为应对当今风云万变的市况，珠宝与宝石行业持续实施新举措，并展现出无比的韧性。
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