The boss of the world’s biggest diamond company says he is confident that the precious stones will win an exemption from US tariffs.
De Beers chief executive Al Cook believes the duty is of ‘no benefit’ to America, which has ‘no diamond mining jobs to protect’.
Instead, the tariff ‘would purely be a consumption tax on the American consumer’, he told the Financial Times.
Unlike many other raw materials, diamonds were not excluded from the tariffs.
Those brought into the US are subject to a 10 per cent duty on all imports and will face additional levies depending on where they come from.
But Cook said: ‘People are confident enough that in the long term, diamonds will be exempted from tariffs.’
Tariffs: De Beers chief exec Al Cook believes a tariff on diamonds would be of ‘no benefit’ to America, which has ‘no diamond mining jobs to protect’
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