"Panic" buying?

[tyty333]

I read that tariffs on unset diamonds will be set at 27% . Does anyone else feel like
they are in a panic to buy before the tariffs hit? Or, is everyone just planning on riding
it out?

I don't want this thread to turn into a political thread (please don't go there, Ella
has her hands full already). I was just curious about if, and how, it is affecting anyone
who planned on purchasing soon.

Me? I feel kind of panicked. I've been waiting a year to upgrade my stone (or turn
it into a 3 stone). I kind of want both...but...hello, budget!

Anyone else feel like they're in a panic or am I on my own???
(I know, first world problem)

Edit...the 27% is on diamonds from India.

 

[Kim N]

There's no way I can buy before the tariffs hit, so I will have to re-think those purchases. I know it's a first world problem, but it is a huge bummer.

 

[tyty333]

There's no way I can buy before the tariffs hit, so I will have to re-think those purchases. I know it's a first world problem, but it is a huge bummer.

Yes, it is a big bummer! I suspect most people will be putting things on hold.

 

[Snowdrop13]

You could buy a diamond mined and cut in the US.

Oh, wait……
.

 

[JPie]

Colored gemstones will also go through the roof. The outlook from the jewelry community on IG is grim.

 

[Rhd3]

I’d be lying if I said it hasn’t crossed my mind. Unfortunately, all my plans will be on the back burner. I’m going to focus on enjoying what I have…maybe restringing/configuring my pearls.

 

[lala646]

I had been eyeing a lovely diamond crescent pendant from a UK seller, but I was hoping the exchange rate would get a little better and then I would pounce. Boy did I play that wrong!!

 

[Kim N]

I had been eyeing a lovely diamond crescent pendant from a UK seller, but I was hoping the exchange rate would get a little better and then I would pounce. Boy did I play that wrong!!

I did the exact same thing with an EU seller.

 

[lavenderdragonfly23]

Same boat… I’m eyeing a French cut band and an antique jewelry box in EU and heard the news today … sigh

 

[oncrutchesrightnow]

Won’t it also affect settings? Even if a vendor is based in the U.S., they may rely on foreign business partners to do a lot of the work.

 

[SparklieBug]

...and the price of gold, if one wants to do any re-sets. I'm not in the market for anything but am also always looking, in case something wonderful "pops"—plus I just love to see beautiful sparklies. Until things settle, I'll enjoy what I have, and may stay off the eye-candy sites so I feel happy with what I have rather than having a "want" that I don't need.

 

[tyty333]

Won’t it also affect settings? Even if a vendor is based in the U.S., they may rely on foreign business partners to do a lot of the work.

The rapaport article I read said it will be 32 to 34%. That is jewelry from India only I believe. I'm not exactly sure if settings fall in
to the "jewelry" category.

Here is the rap article. It's a quick read.

Diamond and Jewelry Trade Braces for Impact of US Tariffs

The US has placed tariffs of 10% on imports from all countries and higher duties on India, prompting concern and uncertainty in the industry.

rapaport.com

 

[tyty333]

Maybe we all need to go through our collections and put whatever we don't wear/want on pre-loved so
everyone can "shop" tariff-free in pre-loved. Might have to start including the country we reside in.

 

[lavenderdragonfly23]

Maybe we all need to go through our collections and put whatever we don't wear/want on pre-loved so
everyone can "shop" tariff-free in pre-loved. Might have to start including the country we reside in.

I claim dibs on all the Tiffany Bezet 5.5 bands … I won’t feel settled now until I have all three metal colors and possibly a matching bangle…

 

[ShinyPink]

IG vendors have been showing how every single aspect of jewelry & gemstone buying is impacted. It's not good for anyone, whether it's a new stone/jewelry piece or seller of vintage.

 

[Kim N]

I'm trying to understand something. If an item gets shipped to me by first class international or the equivalent, at what point would I get charged the tariffs? And by whom? The USPS?

 

[Dreamer_D]

I'm trying to understand something. If an item gets shipped to me by first class international or the equivalent, at what point would I get charged the tariffs? And by whom? The USPS?

That would be my understanding.

 

[MissGotRocks]

I read that tariffs on unset diamonds will be set at 27% . Does anyone else feel like
they are in a panic to buy before the tariffs hit? Or, is everyone just planning on riding
it out?

I don't want this thread to turn into a political thread (please don't go there, Ella
has her hands full already). I was just curious about if, and how, it is affecting anyone
who planned on purchasing soon.

Me? I feel kind of panicked. I've been waiting a year to upgrade my stone (or turn
it into a 3 stone). I kind of want both...but...hello, budget!

Anyone else feel like they're in a panic or am I on my own???
(I know, first world problem)

Edit...the 27% is on diamonds from India.

Is there a particular stone that you have been eyeing for upgrade? I am guessing that natural diamonds are probably at their lowest price points now. Given circumstances, I would guess that the inventory isn’t going to grow by leaps and bounds anytime soon. Makes you wonder if diamond sellers tried to buy up what they could before the tariffs hit, but I have no insight into the actual facts. Everything sort of feels like the sky is falling now, but surely the sun will shine again one day? Question is how long will the wait be? I honestly think if there was something out there that I really wanted - and was not just settling for - I might try to purchase now.

 

[Bron357]

I'm trying to understand something. If an item gets shipped to me by first class international or the equivalent, at what point would I get charged the tariffs? And by whom? The USPS?

Here in Australia it’s done at entry. However aside from the 10% we also pay a processing fee. Fed ex for eg charges $75. It’s a pain because you or them have to fill in a heap of documentation and quote the relevant country code and item code for assessment. It can add up to a week extra in processing time depending on who is doing the delivery. Usually you get an email or SMS telling you to call a number and have your credit card handy!
On eBay items under $1,000, previously exempt from the 10%, and including pre loved items which should still be exempt, eBay adds to your purchase invoice and supposedly sends it off to the Aust Government. Whether that actually happens or can even be checked is anyone’s guess.
Oh, and if you decide to return an item, you don’t get the tax or processing fee returned to you. So keep that in mind as it might also be the case in the US.

 

[Avondale]

I'm trying to understand something. If an item gets shipped to me by first class international or the equivalent, at what point would I get charged the tariffs? And by whom? The USPS?

In the EU the process is as follows:

Upon entering the country, the shipment is first held at customs. In order to be released from customs, someone needs to fill in all the necessary paperwork (usually a customs declaration), and all customs fees need to be paid.

To that purpose, your shipping company will need to contact you. They will offer to process the customs release for you for a fee for their services. Here you need to authorise them through a power of attorney, but maybe that won't be necessary where you live, depending on your local laws. They will calculate everything that is owed and will provide you with the payment information.

Once you have paid the amount owed, they'll be able to process the package, get it released from customs, and delivered to you.


Some websites and vendors (like Amazon) have a system for collecting the taxes and duties owed at the time of purchase. Only in such cases can you expect that your package will get straight to you, without needing your assistance to be released from customs.

What happens in these cases is that the vendor calculates the import fees in advance and includes them in the price you pay - you should see it as a separate category when checking out your order. Then, when sending your package, they ship it as free domicile (meaning they assume all charges incurred at customs). So when the package arrives at customs, the shipping company deals with the vendor instead of you, and since the vendor has already collected the payment from you, they just essentially forward it. This saves you the hassle of you having to deal with everything.

 

[AllAboardTheBlingTrain]

I read that tariffs on unset diamonds will be set at 27% . Does anyone else feel like
they are in a panic to buy before the tariffs hit? Or, is everyone just planning on riding
it out?

I don't want this thread to turn into a political thread (please don't go there, Ella
has her hands full already). I was just curious about if, and how, it is affecting anyone
who planned on purchasing soon.

Me? I feel kind of panicked. I've been waiting a year to upgrade my stone (or turn
it into a 3 stone). I kind of want both...but...hello, budget!

Anyone else feel like they're in a panic or am I on my own???
(I know, first world problem)

Edit...the 27% is on diamonds from India.

I remember reading - open to being corrected - that they define a diamond's country of origin as the place where it was substantively processed; meaning wherever a diamond was cut would count as country of origin. India cuts and polishes about 90% of the world's diamonds. It would not be enough for the diamond to be cut and polished in India and sold to a middleman in a place with lower tariffs from India. So 90% of the diamond supply in the US will attract the 27% tariff. I am not sure how tariffs work when looking at diamonds mined elsewhere and shipped raw to the US to be cut. It might be time for US consumers to consider purchasing from your speciality cutters like WF! Singapore also - tariffs are at 10%, so perhaps Jann Paul will become more competitive for US buyers.

ETA - the 32-34% on studded gold jewellery is also wild. Labour costs in the US are beyond ridiculous, speaking as an Indian consumer. India does not import jewellery from the US for a reason, that reason being that it is unbelievably cheap to get a setting made here vs the US. The labour on a simple solitaire setting would be like $50-60, aside from gold. I can't see the studded gold jewellery that is exported to the US being more expensive than in-house produced stuff, even after the tariffs.