Improved bounds on heavy quark electric dipole moments

New bounds on the electric dipole moment (EDM) of charm and bottom quarks are derived using the stringent limits on their chromo-EDMs. The new limits, $|d_c|<1.5\times10^{-21}\:e\,\text{cm}$ and $|d_b|< 1.2\times 10^{-20}\:e\,\text{cm}$, improve the previous ones by about three orders of magnitude. These indirect bounds have implications for different models of new physics, including two-Higgs-doublet, leptoquarks, and supersymmetry models.