Shifting Tides in the US Jewelry Market

The U.S. government's announcement of a 10% tariff on imports has triggered a wave of uncertainty and volatility across the diamond and jewelry trade. Nearly two months later, confusion still lingers over how the tariffs will impact costs, supply chains, and overall market stability.

Amid the disruption, however, independent jewelers have shown resilience, recording solid sales growth in the first quarter of 2025. That stands in sharp contrast to the more cautious stance taken by diamond dealers and manufacturers. This divergence points to a broader shift in industry dynamics, with smaller retailers proving more nimble in adapting to market headwinds.

Read the full analysis in the May-June issue of Rapaport Magazine: Shifting Tides in the US Jewelry Market