WFDB: G7 Antwerp Plan "Will Cause Irreparable Harm"
March 31, 24
(IDEX Online) - The World Federation of Diamond Bourses (WFDB) is applying further pressure to the G7 to review its decision to channel all EU diamonds through a single entry-point in Antwerp.
It is urging everyone working in the diamond and jewelry industries to sign a letter of protest to the G7 member states. In a promotional video it says sanctions have been framed in a way that "severely restricts the sale and purchase of all diamonds".
Last month WFDB president Yoram Dvash warned that the way Russian sanctions were being implemented was punishing the entire industry and would cause irreparable harm.
From 1 March G7 and EU outlawed all diamonds over 1.0-cts from Russia, regardless of where they were cut and polished. From 1 September the ban will be extended to goods of 0.5-cts or over, and will require verification from one of a number of traceability solutions approved by G7.
"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," says the pro forma letter.
"We stand united against forcing all participants who wish to sell their polished diamonds in the G7 markets, to send their rough to Belgium first."
The letter notes that the average time from rough diamond to finished jewelry is three to six months, yet the industry was given less than six months to implement the new regime.