Buying Diamonds In The Tariff Era: What You Need To Know

Rapaport Diamond Podcast. Episode 144. Buying diamonds in the tariff era. Must-listen.

Insights from International Diamond Center (IDC), Florida.

US tariffs are changing how diamonds are priced and sourced. But buyers are still active—and determined.

Here’s what you should know:

How Tariffs Are Affecting Diamond Prices

• Suppliers and designers are passing extra costs to retailers.

• Sometimes, the price hikes are hidden within gold-price increases.

• At the time of recording (July 8), import duties were 10%.

• The US has since raised tariffs to 25% on goods from India.

• India cuts and polishes 90% of the world’s diamonds.

IDC Keeps Buying Despite Price Pressures

• IDC runs 11 retail stores across Florida.

• “There’s a 50-pound bag of flour, make a big biscuit,” said Brian Stamey, VP of marketing and operations.

• Translation: IDC continues buying loose diamonds aggressively.

• Founder Keith Leclerc buys diamonds like Joey Chestnut eats hot dogs—nonstop.

From Supplier to Retail Powerhouse

• IDC started as a supplier to other retailers.

• Over time, they shifted to a direct-to-consumer retail model.

• They once considered buying a diamond mine.

• The 2008 financial crash shaped their buying strategies.

What You Can Learn from IDC’s Strategy

• Keep buying smart even when prices rise.

• Track the true cost of goods—don’t just look at the sticker price.

• Watch out for cost shifts masked as gold increases.

• Branded diamonds and jewelry now drive much of IDC’s growth.

• Strong product memory matters—Leclerc remembers past stones with near photographic clarity.

Ask Yourself Before Your Next Purchase

• Are you checking where your diamond was cut?

• Do you understand how tariffs may affect price?

• Is the markup fair—or padded with hidden import costs?

• Are you buying from someone who knows diamonds like IDC?