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JA, key industry persons met Washington officials on concerns about Russian sanctions

Jewelers of America (JA) and key industry figures met with lawmakers in Washington, DC, last week to express their concerns about plans for sanctions on Russian diamonds. 

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Jewelers of America (JA) and key industry figures met with lawmakers in Washington, DC, last week to express their concerns about plans for sanctions on Russian diamonds. 

“JA has been working tirelessly behind the scenes, and this visit to Washington, DC, was a critical step to ensure we minimize unnecessary disruptions to the US diamond industry,” JA president and CEO David Bonaparte said in a statement Tuesday. “We are very concerned about the additional requirements that could take effect on September 1.” 

These would include adopting a European Union proposal forcing all 0.50-carat and larger diamonds destined for Group of Seven (G7) markets to pass through a single import channel in Belgium, Bonaparte noted. 

JA supports efforts to keep diamonds of Russian origin out of the supply chain, including the more stringent rules that went into effect on March 1, it said. These require importers to self-certify that diamonds of 1 carat or larger are not Russian, notwithstanding their having been manufactured in a third country. 

However, mandating physical verification and certification in Belgium for all rough diamonds “would cause maximum damage to the global diamond and jewelry supply chain, while having minimal effect on Russia’s diamond revenues,” JA argued in the statement. 

Joining Bonaparte on the visit were Jon Bridge, chairman and counsel emeritus at Ben Bridge Jeweler; Dave Meleski, president and CEO of Richline Group; Matthew Swibel, vice president for sustainability and social impact at Signet Jewelers; and Ronnie VanderLinden, immediate past president of the Diamond Manufacturers Importers Association of America (DMIA) and president of the International Diamond

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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

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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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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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