The head of De Beers predicted a blow from Trump's duties on diamonds to the United States itself

The duties on precious stones imposed by American leader Donald Trump will eventually strike at the United States itself and will not bring any benefit to the country, this opinion was expressed on May 5 by the head of the world's largest diamond mining company De Beers, Al Cook.

As he told the Financial Times (FT) newspaper, the tariffs of the American administration will become a burden and "a purely consumer tax for the American buyer."

The media notes that the United States represents the world's largest diamond jewelry market, accounting for about half of global demand. However, such stones are not mined in the country itself. Market participants told the newspaper that Trump's tariffs had caused confusion among diamond industrialists, after which there was a brief stagnation in the gemstone trade.

The World Diamond Council, in turn, pointed out that if the White House does not eliminate such duties, this will lead to a significant increase in prices for wedding rings and other jewelry.

In the United States, imported diamonds are subject to a total duty of 10%. According to the FT, due to lower prices and falling sales in the first quarter of this year, De Beers' revenue amounted to $520 million, which is 44% less than in the same period in 2024.

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On May 3, Warren Buffett, the head of Berkshire Hathaway holding, also criticized the tough trade policy of the US president. He noted that trade should not be about weapons, and imposing punitive duties on the rest of the world was a big mistake. Buffett explained that in the long run, protectionist policies can have negative consequences for the United States.

Prior to that, on April 17, Italian journalist Vincenzo Lorusso reported on the threat to the economies of European countries posed by the trade duties imposed by Trump. According to him, this is due to the fact that a dramatic economic situation has already developed in Europe.