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.
How Tariffs Are Affecting Diamond Prices
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Suppliers and designers are passing extra costs to retailers.
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Sometimes, the price hikes are hidden within gold-price increases.
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At the time of recording (July 8), import duties were 10%.
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The US has since raised tariffs to 25% on goods from India.
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India cuts and polishes 90% of the world’s diamonds.
IDC Keeps Buying Despite Price Pressures
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IDC runs 11 retail stores across Florida.
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“There’s a 50-pound bag of flour, make a big biscuit,” said Brian Stamey, VP of marketing and operations.
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Translation: IDC continues buying loose diamonds aggressively.
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Founder Keith Leclerc buys diamonds like Joey Chestnut eats hot dogs—nonstop.
From Supplier to Retail Powerhouse
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IDC started as a supplier to other retailers.
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Over time, they shifted to a direct-to-consumer retail model.
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They once considered buying a diamond mine.
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The 2008 financial crash shaped their buying strategies.
What You Can Learn from IDC’s Strategy
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Keep buying smart even when prices rise.
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Track the true cost of goods—don’t just look at the sticker price.
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Watch out for cost shifts masked as gold increases.
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Branded diamonds and jewelry now drive much of IDC’s growth.
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Strong product memory matters—Leclerc remembers past stones with near photographic clarity.
Ask Yourself Before Your Next Purchase
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Are you checking where your diamond was cut?
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Do you understand how tariffs may affect price?
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Is the markup fair—or padded with hidden import costs?
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Are you buying from someone who knows diamonds like IDC?
