https://www.miningweekly.com
Diamonds|Export
Diamonds|Export
diamonds|export

WFDB concerned about G7 proposal to restrict trade in Russian diamonds

28th February 2024

By: Sabrina Jardim

Creamer Media Online Writer

     

Font size: - +

The World Federation of Diamond Bourses (WFDB) has launched a campaign to unite the diamond and jewellery industry in presenting its concerns regarding the proposed Group of Seven (G7) restrictions on diamonds. 

The WFDB sent out a letter on February 28 to the G7 and the European Union government representatives, detailing the challenges that the “one import node” solution creates for the industry.

The letter has been signed by WFDB president Yoram Dvash, World Diamond Council president Feriel Zerouki, Gem & Jewellery Export Promotion Council of India chairperson Vipul Shah and International Diamond Manufacturers Association president Ronnie Vanderlinden.

Presidents and members of the 27 diamond bourses within the WFDB and members from all sectors of the trade will also be invited to add their names to the letter. 

“We the undersigned, representing all segments of the diamond and jewellery industry, including organisations that are based in the G7 jurisdictions, call upon the G7 member States to hear our concerns over the proposal being developed by its experts to restrict trading in diamonds of Russian origin – natural or synthetics – rough, polished or set in jewellery.

“While strongly agreeing that the time has come for the industry to be able to trace the origin of their diamonds, we should be working together to meet these objectives but feel that the process that has been suggested will cause irreparable harm to the non-Russian industry,” the letter states.

“With the current legislation enacted by the G7 countries, the WFDB has been working hard to find a consensus within the industry regarding the situation we find ourselves in. Sanctions should work in the right direction, punishing the intended party and not the entire industry,” says Dvash.

He added that he was hopeful that additional organisations and wider members of the trade would sign the letter.

“The G7 must understand that the direction they have chosen will cause great damage to the world diamond industry. We hope that the concerns we are voicing will convince the G7 governments that an alternative solution must be found.”

On February 8, the US Treasury’s Office of Foreign Assets Control confirmed that its new sanctions on Russian diamonds would begin on March 1.

This sanction will prohibit trade in diamonds of 1 ct and greater that have been “mined, produced or manufactured wholly or in part in the Russian Federation, notwithstanding that such diamonds have been substantially transformed outside of the Russian Federation”.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Latest News

Gina Rinehart
Rinehart takes stake in Lynas Rare Earths, shares jump
Updated 4 hours ago By: Reuters

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/04/2024)
12th April 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.145 0.181s - 139pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: