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Natural diamonds cut in Europe will once again be exempt from US import tariffs. This brings an end to the 10% import tariff that had been in effect for the past six months. The restored exemption is significant news for the Antwerp diamond sector: Antwerp is Europe's leading diamond-cutting centre, and the United States is a major trading partner for the Belgian diamond industry. In 2024, Belgium exported $2.1 billion worth of polished diamonds to the United States. The exemption for natural diamonds cut in Europe was first secured in September 2025, following intensive consultation and lobbying by the Antwerp World Diamond Centre (AWDC) and the European Commission. The rationale behind the exemption was that no diamonds are mined or cut in the United States, meaning there was no domestic industry that needed protection from European imports. An import tariff would therefore primarily affect American consumers. The exemption lapsed in February 2026, after the US Supreme Court ruled that the legal basis for President Trump's so-called “reciprocal tariffs” — the International Emergency Economic Powers Act (IEEPA) — was unlawful. The US President subsequently introduced a new general 10% import surcharge under Section 122 of the Trade Act of 1974, which also applied to European polished diamonds. “The reasoning behind the exemption agreed in September 2025 is, however, still entirely valid today,” says Karen Rentmeesters. “No diamonds are still being mined or cut in the United States. There is therefore no domestic industry that needs to be protected from European imports. In recent months, we have once again put that message front and centre.” The general US import surcharge of 10% expired on 24 July 2026. The US government therefore sought a new legal basis to be able to reimpose import tariffs on certain products. That basis was found in Section 301, which can impose tariffs on countries that do too little to keep out products resulting from forced labour. Unlike Section 122, Section 301 of the Trade Act of 1974 is an instrument with no time limit and no maximum tariff rate, meaning the current temporary levy is being replaced by a structural, potentially long-term measure. According to the US Trade Representative (USTR), the European Union is among the countries that currently still provide insufficient guarantees, since the new European rules on this subject will only take full effect from December 2027. According to AWDC, natural diamonds cannot simply be placed under this regulation. They are a highly regulated and controlled product, for which specific systems already exist today to verify origin and compliance with due-diligence requirements. “The diamond industry has extensive traceability and origin-verification mechanisms in place. Consider, for example, the Kimberley Process Certification Scheme and the G7 controls on rough and polished diamonds,” says Karen Rentmeesters. “This reasoning is now being followed by the US authorities, as a result of which natural diamonds cut in Europe are once again exempt from US import tariffs. For Antwerp — Europe's leading diamond-cutting centre and a global hub for cutting exceptional, high-value diamonds — the restored exemption represents a significant boost to its international competitive position. “The restored 0% exemption once again makes it more attractive to have natural diamonds cut in Europe,” says Karen Rentmeesters, CEO of AWDC. “Antwerp has a unique combination of specialised know-how, high-tech cutting capacity, and access to an international network of diamond companies. The fact that natural diamonds cut in Europe are once again exempt from these US import tariffs strengthens Antwerp's position as Europe's cutting centre.” Tariff timeline April 2025: Reciprocal tariffs announced by President Trump Import tariffs are imposed on numerous countries worldwide. A 20% import tariff applies to European products. September 2025: 0% import tariff Under the EU-US trade agreement, natural diamonds cut in Europe are exempted from the additional US import tariffs. February 2026: 10% import tariff The US Supreme Court rules that President Trump's earlier tariff measures are unlawful. President Trump then introduces a new general 10% import surcharge under Section 122 of the Trade Act of 1974. The exemption for European natural diamonds temporarily lapses as a result. 2 June 2026: Announcement of Section 301 forced-labour action The US Trade Representative (USTR) launches a separate Section 301 procedure concerning European regulation against products made with forced labour. European natural diamonds are not initially included in the proposed list of excluded products. 24 July 2026: End of the general 10% surcharge, 0% import tariff restored The temporary 10% import surcharge under Section 122 expires and the Section 301 action takes effect, but European natural diamonds are placed on the list of products subject to an exception. The original exemption for natural diamonds cut in Europe is reactivated. As a result, these diamonds can once again be imported without additional US import tariffs.

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