Diamonds Face U.S. Tariffs

This is a U.S. news story, published by CNBC, that relates primarily to Al Cook news.

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Antwerp World Diamond Centre CEO

CNBC

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Entertainment

Diamonds are forever? Not with tariffs in the way

Summary

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82% Informative

Diamonds face a baseline 10% import duty to the U.S. - a market accounting for over half of the global demand for polished diamonds.

The luxury industry at large is already contending with a slowdown in demand after a post-pandemic boom and an economic slump in China .

The biggest disruption to the industry has been the creation of lab-grown diamonds (LGD) Chemically identical, the stones are impossible to distinguish.

De Beers CEO Al Cook said the closure is aligned with the strategy it presented in May last year , "to focus on high-return activities and streamline the business" The closure also comes at a time when Anglo American , the firm's parent company, is divesting the company.

In the current luxury slowdown jewelry has been a notable bright spot, especially the high-jewelry segment.

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Article tone

semi-formal

Language

English

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not offensive

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