Royal Chain Group is a family-owned importer and distributor of fine jewelry. Based in New York City, it supplies jewelry to retailers throughout the United States. Royal Chain imports gold and silver jewelry from Indonesia, Thailand, and Turkey under GSP.
While GSP was expired, Royal Chain paid more than $2 million in new tariffs. It lost millions of dollars more in sales because products were no longer competitive once tariffs were added to the cost. Royal Chain could not fill new positions, delayed equipment upgrades, and put expansion plans on hold.
The retroactive renewal allowed Royal Chain to hire 12 new workers and take over an additional floor at its office in Midtown Manhattan. GSP saved Royal Chain more than $1 million in eliminated tariffs in the first year after renewal.