“The US tariffs have hit me twice,” says Brazilian designer Ara Vartanian, alluding to the US tariffs imposed on his Brazil-made jewels and the counter tariffs on his Canadian clients buying in Miami. The 50% import tariff on jewelry made in São Paulo forced Vartanian to rethink how he restocks his Miami boutique — including the possibility of producing some pieces in the US — while recalibrating his reliance on trunk shows, a traditionally effective sales channel for independent jewelers. The measures have gone so far as to prompt Vartanian to cancel his participation in the Las Vegas jewelry shows scheduled for late May and early June.
Compounding the pressure, Canada’s introduction of a 25% import tariff has discouraged Vartanian’s Canadian clients from traveling to Miami to shop. “With the US now my second largest market after Brazil, the tariffs have been a real blow,” he adds.
Unlike the 50% tariffs faced by Ara Vartanian, European brands are dealing with a comparatively lower 15% duty. Large groups such as Bvlgari and Boucheron, owned by LVMH and Kering, respectively, say the impact is manageable. “We would have preferred not to have it, of course,” says Babin. “But at least it is a factor that — unlike gold prices — is stable and easier to plan for. It means we need to make our value proposition more appealing and more meaningful.”
Boucheron CEO Hélène Poulit-Duquesne echoes this view. “Our ambition is to further strengthen our presence in this market, and to introduce the world of the maison more widely,” she says, suggesting the brand is prepared to do whatever it takes to succeed in the US.
Independent maisons, however, face a more complex equation, constrained by the absence of the operational and financial synergies enjoyed by large groups. “The US remains clearly and openly our number one priority,” says Jean-Baptiste Sassine, CEO of Messika. “Eight years ago, the American market didn’t exist for us. Today, it represents around 15% of our business, and we aim to double that share within the next five years.”
The US, Sassine adds, is where the brand is investing most heavily — across communication, store openings, events, and inventory. To protect a fast-growing business built around high-ticket pieces, Messika has chosen to absorb “a significant portion of these additional costs” even as rising gold prices weigh on margins. The brand plans to open six new boutiques in the US in 2026.
Even for emerging brands, the States remain difficult to overlook, and it is worth every effort. “It’s a market that’s hard to ignore if you want to build a globally relevant brand,” says Christie Wollenberg, founder of Otiumberg, a London-based jewelry label (US import tariffs for the UK stand at 10%).
While tariffs and rising gold costs have driven up prices, Wollenberg notes that American consumers generally have greater spending power than other markets, as well as a higher perceived value of European brands.
It’s always high jewelry season
Besides the business of icons, what is driving jewelry growth is the development of high jewelry — unique pieces priced from $100,000.