All told, 321 diamonds, 56 sapphires, 13 emeralds and six rubies encrust the watch-sized gold ring presented this week to Bill White, the U.S. ambassador to Belgium, to give to U.S. President Donald Trump.

“A very special thank you to my friends from Antwerp for the magnificent Freedom 250 ring,” Trump said in a prerecorded video message during an event marking America’s 250th birthday in Brussels.

Isidore Mörsel, president of the Antwerp World Diamond Center, or AWDC, gifted the ring on behalf of the centuries-old diamond community in the Belgian port city, a central node in the worldwide trade of the precious stones that found itself struggling last year under the weight of Trump’s sweeping trade war.

“May this ring serve as a lasting reminder that true partnership, like the finest natural diamonds, are formed under pressure, endure the test of time, and shine brightest when built on trust,” Mörsel said. The ring’s interior is engraved with the phrase “Crafted in Antwerp for Donald John Trump.”

In dollar terms, the ring’s value pales beside gifts like the $400 million plane donated by Qatar that Trump ordered converted into a new Air Force One. But it’s a glitzy window into the role that ostentatious – and almost always gilded — gifts are playing by those seeking to curry favor with the U.S. president.

A White House official, speaking on the condition of anonymity to discuss the matter, said Thursday that the ring has not been presented to Trump yet.

The ring is latest in Trump’s historic break with White House custom

The gift comes months after Belgium’s diamond industry won the removal of U.S. tariffs on diamond imports. In September, AWDC said it had “succeeded in securing a zero percent import tariff” on Antwerp’s annual export of more than $2 billion of polished diamonds to the U.S. A spokesperson for the group said on Thursday that the AWDC provided “input” to the European Commission as it negotiated with Trump on a broad deal on tariffs in 2025, but did not itself lobby the administration.

U.S. presidents have considerable discretion to accept gifts from domestic and foreign sources and may determine themselves whether a gift was meant for them personally or the nation. The exception is those from foreign governments, which are prohibited by the foreign emoluments clause of the Constitution without congressional assent, though presidents could use personal funds to reimburse the Treasury for the full value of an official gift if they wish to retain it.

Personal gifts are also supposed to be registered on the president’s annual financial disclosure. Trump’s 2025 disclosure, released this week, revealed a $250,000 gift of a sculpture depicting his triumphal gesture after surviving a 2024 assassination attempt at a campaign rally in Butler, Pennsylvania, and tickets to 10 sporting events, including 10 to the upcoming World Cup final in New Jersey from FIFA’s Gianni Infantino, valued at a collective $15,000.

Four U.S. ethics experts told The Associated Press that Trump has broken with decades-old custom in the White House to avoid accepting such gifts.

The ring’s value estimated at $25,000-$35,000

To forge the ring, the AWDC turned to David Gotlib, an Antwerp-based high-end jeweler whose cufflinks can sell for more than 15,000 euros ($17,000).

Neither AWDC nor Gotlib would provide a valuation of the ring, but two independent jewelers told AP they estimated the value at between $25,000 and $35,000.

Paris- and London-based jewelry consultant Alexander Levinson calculated the cost at $25,928, while David Saad, a third-generation luxury jeweler in Canada, priced the ring between $33,000 and $35,000. Both said half the cost was in materials, half in labor.

After the ring was presented on a star-spangled stage in Brussels, musician Alexis Wilkins, the girlfriend of FBI Director Kash Patel, sang the U.S. national anthem to more than 8,000 people drinking Budweiser and bourbon from Tennessee and Kentucky.

Ambassador White said he raised more than $5.5 million for the 250th anniversary event from corporate sponsors like defense industry titans Lockheed Martin and Northrop Grumman, tech firms like Intel, Google and Meta, as well as the European chocolate companies Leonidas and Ferrero. AWDC said it contributed funds, too.

“The media was asking, ‘Why does it have to be so big?’” White said of the event. “Because we are the United States of America!”

The ambassador posted on social media Friday that after he gives the ring to Trump, it will be displayed in the Oval Office.