India Challenges Belgium as Sanctions Checkpoint
July 16, 24
(IDEX Online) - Pressure is mounting for India, rather than Belgium, to become the key nodal checkpoint for verifying that diamonds entering G7 countries are not of Russian origin.
India's significant imports and processing of rough diamonds make it "a natural choice," according to a report posted yesterday (15 July) by the Indian business website moneycontrol.com, which says Africa, India, De Beers and other industry giant are all opposed to Antwerp operating as the sole entry point.
The so-called sunrise period for implementing a certification mechanism has been delayed by six months from 1 September 2024 to 1 March 2025 amid concerns across the diamond pipeline.
"The new regulations will necessitate detailed tracking of diamond origins, with oversight from Antwerp," says moneycontrol.com. "However, the Indian diamond lobby has been making a strong case for India as the key nodal checkpoint for diamond verification."
India is closer to Botswana, Namibia and other diamond-producing countries, and routing diamonds through India instead of Belgium could save significantly on transit times and potential delays.
"Shifting the nodal point to Belgium could disrupt the global diamond supply chain. India, with its established infrastructure, offers a less disruptive alternative," it says.