WFDB concerned about G7 proposal to restrict trade in Russian diamonds

28th February 2024

By: Sabrina Jardim

Creamer Media Online Writer


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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


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