Skyrocketing diamond prices adding to cost of marriage proposals
Share and Follow


() People planning on proposing to their significant others in the near future face a new obstacle the rising price of diamonds.

India has been the largest distributor of diamonds to the U.S. for years, but the market has seen a massive hit following President Trump’s April decision to impose new duties on imports from the country, part of his global rollout of tariffs.

“I have colleagues who had stuff coming in and missed the boat, and I mean literally the boat by a day, and got these huge tariffs because they were put into effect,” said Steven Grauer of Diamond District Partnership in New York City.

How the tariffs have impacted diamonds prices

Consumer prices for natural diamonds rose 2% to 4% following Trump’s initial announcement of a tariff, according to Paul Ziminsky, a diamond industry expert.

Just last week, the Trump administration hiked up tariffs on imports from India from 25% to 50% as a result of India’s continued relationship with Russia over oil purchases.

Also, before the new tariff, American importers could purchase polished diamonds with relative ease. Those diamonds eventually were placed in rings and necklaces.

Zimnisky added that prices for natural polished diamonds in the U.S. have increased by upwards of 10% percent year-to-date.

What are the long-term ramifications for diamond rings with the tariffs?

Ya’akov Almor, an international diamond industry expert, believes the 50% tariff will destroy India’s ability to export diamonds.

Diamond rings averaged over $7,160 as of July, which was up nearly 8% from the previous year.

Share and Follow
You May Also Like
Missing New York politician's name to still appear on ballot

Name of Disappeared New York Politician to Remain on Ballot

NEW YORK () — A Long Island politician who went missing earlier this…
Engineer found dead with no NECK at girlfriend's storybook cottage

Engineer Discovered Deceased Without Neck at Girlfriend’s Storybook Cottage

An engineer was found dead with ‘no neck’ at his girlfriend’s storybook…
$20K reward offered in Utah livestock killings

Reward Offered for Information on Utah Livestock Killings

DUCHESNE COUNTY, Utah (ABC4) More livestock killings have been reported in Duchesne…
Jeffries challenges Johnson to prime-time debate about shutdown

Jeffries Invites Johnson to Prime-Time Debate on Government Shutdown

House Minority Leader Hakeem Jeffries (D-N.Y.) on Monday challenged Speaker Mike Johnson…
Christina Haack reacts to ex Josh Hall’s social media behavior, talks new champagne brand Clé Cachée with ‘Virtual Reali-Tea’ (Video)

Christina Haack Comments on Her Ex Josh Hall’s Online Actions and Discusses Her New Champagne Brand Clé Cachée in ‘Virtual Reali-Tea’ (Video)

Christina Haack Responds to Ex Josh Hall’s Online Actions, Discusses Her New…
Paramount acquires Bari Weiss' The Free Press, names her top editor of CBS News

Paramount Purchases Bari Weiss’ The Free Press, Appoints Her as CBS News Chief Editor

The newly formed media corporation Paramount Skydance has acquired The Free Press,…
Supreme Court declines to revive Laura Loomer RICO suit against Meta, Twitter

Supreme Court Rejects Laura Loomer’s RICO Lawsuit Against Meta and Twitter

The Supreme Court on Monday declined to revive right-wing activist Laura Loomer’s…
Comer withdraws subpoena after Comey claims no information on Epstein

Comer Cancels Subpoena Following Comey’s Statement on Lack of Epstein Data

Former FBI Director James Comey will not testify as part of the…