De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Border Adjustment Tax Pulled from Tax Reform Plan
Republicans have dropped the controversial levy, which called call for a 20 percent tax on all imported goods.
Washington, D.C.--Republicans in the U.S. House of Representatives are jettisoning the Border Adjustment Tax, the controversial element of their tax reform plan that would have placed a 20 percent levy on all imported goods.
In a joint statement made Thursday, the “Big Six”--the half-dozen politicians spearheading tax reform, a group that includes House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell--said: “While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it and have decided to set this policy aside in order to advance tax reform.”
The statement goes on to say that two tax writing committees now will work to develop and draft legislation to overhaul the U.S. tax code that will be on both the House and Senate floors by the fall, and that, “The President fully supports these principles and is committed to this approach.”
Pushed by Ryan, the Border Adjustment Tax, or BAT, called for a 20 percent tax on finished and raw goods and materials brought into the United States from abroad, including items like Italian gold, Burmese rubies and diamonds from countries like Botswana, Canada and Russia.
It was designed as the revenue-raising component of House Republicans’ tax reform plan and championed as a way to give companies an incentive not to move their factories overseas.
But the tax met with resistance, both in the Republican Party and among major retailers and retail groups, which argued it would drive up the costs of their products, costs they would have to pass along to already cash-strapped consumers.
Jewelers of America was among the retail organizations to lobby against BAT, arguing that it would be particularly detrimental to jewelers since so many of the products they source have to come from overseas.
In a statement issued Tuesday, JA President and CEO David J. Bonaparte said: “The Border Adjustment Tax would have been a huge burden on the U.S. jewelry industry, which relies heavily on the import of mined materials like diamonds, precious metals and gemstones. Its removal from tax reform proposals is a big win for our members and the industry.”
There were those in the industry, however, who argued for the tax, claiming that it would help companies that make their products in the United States better compete with those sourcing their goods from overseas markets where labor is cheaper.
RELATED CONTENT: The Importance of Being Politically Active
In May, The Hill described it as being “at death’s door.” And in mid-June, when JA took its annual lobbying trip to the nation’s capital, its post event wrap-up indicated that BAT was not likely to become law, noting that “the overriding sentiment [about BAT] was that the concept itself is too unpopular and politically volatile to pass.”
Editor's note: This story was updated post-publication to include a statement from Jewelers of America on the removal of the BAT.
The Latest
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
The family-owned jeweler has a new education section on its website dedicated to the history of diamond cutting.