The Tamesis
“The U.S. tariffs hit me twice,” said Brazilian designer Ara Vartanian, referring to U.S. tariffs on jewelry he makes in Brazil and counter-tariffs on Canadian customers he buys in Miami. A 50% import tariff on jewelry made in Sao Paulo has forced Vartanian to rethink how to replenish the Miami boutique’s inventory, including the possibility of producing some jewelry in the United States, while recalibrating its reliance on trunk displays, a traditionally effective sales channel for independent jewelers. These measures even prompted Vartanian to cancel participation in the Las Vegas jewelry show scheduled for late May and early June.
Adding to the pressure is Canada’s 25% import tariff, which discourages Vartanian’s Canadian customers from traveling to Miami to shop. “The U.S. is now my second largest market after Brazil and the tariffs are a real hit,” he added.
Unlike the 50% tariff faced by Ara Vartanian, the tariff faced by European brands is relatively low at 15%. Large groups such as Bvlgari and Boucheron, part of LVMH and Kering respectively, say the impact can be controlled. “Of course we’d rather not have it,” Babin said. “But unlike gold prices, it’s at least a stable and easier to plan for. That means we need to make our value proposition more attractive and meaningful.”
Boucheron CEO Hélène Poulit-Duquesne agrees. “Our goal is to further strengthen our presence in this market and introduce people to the world of the brand more broadly,” she said. She said the brand was ready to succeed at all costs in the United States.
However, independent brands face a more complex situation as they lack the operational and financial synergies enjoyed by larger conglomerates. “The United States clearly remains our number one priority,” said Messika CEO Jean-Baptiste Sassine. “Eight years ago, the U.S. market did not exist for us. Today it accounts for around 15% of our business and we aim to double this share in the next five years.”
Sassine added that the U.S. is where the brand invests the most in communications, store openings, events and inventory. To protect a fast-growing business built around high-priced products, Messika chose to bear “a significant portion of these additional costs,” even as higher gold prices hit profit margins. The brand plans to open six new boutiques in the United States in 2026.
Even for emerging brands, America remains hard to ignore and worth every effort. “This is a market that’s hard to ignore if you want to build a globally relevant brand,” said Christie Wollenberg, founder of Otiumberg, a London-based jewelry brand. (The U.S. has a 10% import tariff on Britain).
Wallenberg noted that while tariffs and rising gold costs have pushed up prices, U.S. consumers generally have greater spending power than other markets and have a higher perceived value for European brands.
It’s always jewelry season
In addition to the iconic business, driving growth in jewelry is the development of fine jewelry—unique jewelry with prices starting at $100,000.
