In 2023, Italian exports of jewelry and goldsmithing articles to the United States reached a total value of €1.6 billion, making the U.S. the leading destination market for the sector, with an average share of 14%. However, the ongoing trade war between the U.S. and the European Union is expected to have repercussions on Italian jewelry exports across the Atlantic.
The EU is considering imposing retaliatory tariffs on a range of U.S. products in response to the tariffs the U.S. has placed on European aluminum and steel. According to Rapaport, the targeted products include worked but unset non-industrial diamonds, loose and unset rubies, sapphires, and emeralds, as well as jewelry made from precious metals and imitation jewelry made from base metals.
This measure could have a significant impact on the jewelry and gemstone sector, increasing costs for European consumers and affecting market dynamics. Some economists estimate that an additional 10% tariff could reduce the European GDP by 0.3% over two years, potentially impacting companies in the industry.
European authorities hope that these measures will prompt the United States to reconsider its tariff policy, preventing a potential escalation of trade tensions between the two economies.
