NYT predicted the impact of Russian oil on diamond prices for Americans

In the United States, prices for diamond products will rise due to the 50% tariffs imposed by President Donald Trump on goods from India for the purchase of Russian oil. This was announced on August 27 by Keith Collins in an article for The New York Times (NYT).

"India occupies a dominant position in the global market of faceted and polished diamonds, and the United States is one of the largest buyers. Rising prices are likely to disrupt the international diamond trade and potentially lead to higher retail prices in the United States," the publication says.

The author notes that before the introduction of new duties, American importers could buy diamonds duty-free in India. It is specified that precious stones from India are often used in the manufacture of rings and necklaces.

Stephen Grauer, Chairman of the Board and Director of Security at the Diamond District Partnership in New York, said that product prices have remained stable in recent months. He attributed this to the fact that the companies had purchased additional precious stones before the introduction of duties in April.

"I think you're going to see a sharp increase, because obviously someone has to pay the fee, and eventually the end user pays it, because if I pay it, I have to pass it on," Grauer said.

Trump imposed a 50% tariff on India due to oil purchases from Russia. What the media is writing

Earlier, on August 7, Trump announced new sanctions against Russia's trading partners. At the same time, the American president did not rule out that the United States could subsequently cancel duties of 25% against India for the purchase of Russian oil. In addition, restrictions on trade with Russia may be imposed on China.

Leading Analyst at the National Energy Security Fund (NWF) Igor Yushkov, in turn, shared that India may reduce purchases of Russian oil in response to the increase in US duties, but this does not mean abandoning supplies from the Russian Federation. According to him, the reduction would not have been possible without American pressure, but at the state level, India does not prohibit its companies from buying oil from Russia.

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