Following international pressure, the Antwerp World Diamond Center (AWDC) is calling for "multiple control points outside the EU and the G7," as the current framework – in which Antwerp acts as the world's only control point for rough diamonds potentially originating from Russia – is untenable.
In a press release on Friday, the Belgian diamond industry representative called for multiple checkpoints of rough diamonds.
"We fully support the G7’s decision to impose an effective ban on Russian diamonds and prevent them from entering the G7 and EU markets," they said. "Therefore, we believe we need to work towards a solid verification system, supported by traceability, that is workable for all parties involved."
Following Russia's invasion of Ukraine, many voices immediately called for Russian diamonds to be included in the sanctions. Afraid of losing a large share of trade to Dubai or India, it took some time for the G7 to create a workable framework.
US is reconsidering
Belgium and the AWDC took a pioneering role during those negotiations and managed to make Antwerp the centre where all stones in the world had to pass and could be certified. That framework has been in place (without obligation) since the beginning of this year, and will become mandatory from September.
Immediately after the announcement of the G7 framework, the industry was shocked by what will be the biggest adjustment to be made in decades. Major players in the United States openly disagreed with the new system.
Last week, it emerged that the US wants to "reconsider" the strictest elements of the ban on Russian diamonds, following opposition from jewellers in New York, and diamond cutters from India and African countries.
Without the commitment of the US, which accounts for half the market within the G7, the framework will be ineffective.
