Antwerp World Diamond Centre poses amendment to G7 diamond sanctions

by Tamanna Bhasin | June 3, 2024 11:29 am

Antwerp World Diamond Centre (AWDC) has issued a statement advocating for modifications to the proposed G7 diamond sanctions, asserting Antwerp need not be the primary “rough node” for the new G7 certification system created to filter out Russian diamonds from the worldwide diamond market.

The G7 plan outlined by the European Union[1] specifies that, before entering G7 countries, all diamonds must undergo certification in Antwerp. Objections to the new rule have been raised in Africa, where diamond producers cite logistical reasons.

In conversation with JCK[2], AWDC interim CEO Karen Rentmeesters poses that additional nodes be established in diamond-producing countries like Botswana. Such a change to the G7 plan would allow diamond-producing nations to verify the origin of their own diamonds.

Rentmeesters further acknowledged that G7 sanctions have caused delays in importing goods into Belgium and elsewhere. “If the paperwork is okay, and it’s single origin, there’s usually no problem,” she says. “That doesn’t mean there aren’t delays. There’s still margin for improvement and greater efficiencies. That’s what we’re working very hard on.”

“We have to understand that this is the biggest change in the industry’s recent history. I’m not saying we should have unlimited patience. But the sanctions started in March. It’s now May,” she adds. “We all need to adjust to this new reality. Sanctions are there. They aren’t going away.”

Source URL: https://www.jewellerybusiness.com/news/antwerp-g7/

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