The US is expected to announce final tariff levels later this month after its Section 301 investigation. Gemstones now face a 12.5% US tariff, up from 0% before reciprocal tariffs. Exporters selling to the EU must document sustainability, carbon footprint and human rights compliance. Gold and silver price rises are squeezing producers and buyers, with prices expected to climb further later this year. Exports including gold rose 14.3% in the first seven months of 2026, and about 800,000 people work across the supply chain. The Bangkok Gems and Jewelry Fair runs 8-12 September.