By David Brough
GENEVA – The mood was decidedly upbeat at GemGenève (May 8-11, 2025) as traders enjoyed the club-like atmosphere and networked with colleagues, but caution prevailed due to uncertainties over U.S. tariffs.
Diamonds are the segment most impacted by risks of rising tariffs, as the United States is a huge market for sales of Indian-manufactured polished natural and laboratory-grown diamonds.
Some Indian polished diamond suppliers spoke of containing their expectations for sales, and looked to network and meet with new, potentially long-term buyer contacts.
Less impacted by tariffs, the high-end coloured gemstone exhibitors spoke of moderate orders by the halfway stage of the show, despite a strong turnout of buyers from leading U.S. jewellery brands.
Some brands may have been looking for a window of opportunity to send goods to the United States before a possible rise in tariffs, dealers said.
High-end coloured gemstone prices remain constructive due to tight supplies of exceptional goods.
Dealers spoke of slow trade in tanzanite but were positive about demand for rubies after recent strong commercial auction results by miners.
Surging and volatile gold prices, linked to uncertainties over tariffs, were having little impact on antique and vintage jewellery whose prices were more linked to period, design and rarity, dealers said.
