DiamondBuzz
G7 traceability mechanism implementation delayed for a second time
Plans to support diamond sanctions on Russia with a blockchain-backed traceability mechanism have been delayed for a second time.The G7 and EU nations originally intended to implement the scheme on 1 September 2024, but in June 2024 it was put back to March 2025. And last week it was delayed again, until 1 January 2026.
The announcement was made last week in the 16th sanctions package against Russia, marking the third anniversary of its invasion of Ukraine.The postponement has been widely welcomed within the industry, where many feel the introduction would otherwise be rushed and poorly planned.
The Antwerp World Diamond Centre (AWDC) said an additional 10 months would give diamond companies time to prepare properly. The new sanctions package also requires diamond traders importing rough diamonds of mixed origin to present a Kimberley Process certificate listing all countries of origin “At this stage, there is still considerable uncertainty about how the traceability system will function and how it will be governed, and the G7 must first clarify these aspects,” said CEO Karen Rentmeesters
DiamondBuzz
QDE, Borsa Diamanti D’Italia Signed MoU To Bolster Trade and Expand Commercial Ties
The Two Exchanges Will Establish A Framework To Deepen Connection Across Their Respective Memberships, Exchange Invitations To Industry Events
The Qatar Diamond Exchange (QDE) has signed a memorandum of understanding with the Borsa Diamanti d’Italia to bolster trade and expand commercial ties between their members, , marking its first strategic alliance with a European bourse.
The agreement was signed by QDE Director Ghanim Nasser Al-Saadi and Italian Diamond Exchange President Luigi Cosma during the World Jewellery Confederation’s (CIBJO) 100th anniversary event in Vicenza, Italy.
Under the terms of the deal, the two exchanges will establish a framework to deepen connection across their respective memberships, exchange invitations to industry events, and facilitate access to tenders, auctions, and viewings through reciprocal visits.
The partnership also aims to boost consumer confidence in natural diamonds and colored gemstones by reinforcing compliance with global sector standards, including guidelines set by the Responsible Jewellery Council (RJC) and the World Diamond Council’s (WDC) System of Warranties.
The deal follows similar pacts signed by the QDE last month with diamond bourses in Singapore, Shanghai, and Tokyo as part of an effort to broaden its global trading network.
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