DiamondBuzz
Russian diamond sanctions plan likely to be delayed
Industry members and government officials involved in the discussions over Russian diamond sanctions expect that a full traceability regime won’t be implemented by the current March 1 deadline.
The European Union (EU) had already postponed its plan to require origin information for every diamond of 0.5 ct. or more from Sept. 1, 2024, until March 1, 2025. And now it looks like the plan won’t be ready by March 1 either.
Sources say the process has become jammed up with technological issues, knotty policy debates, and a new administration in the United States.It’s generally agreed that the technology for full traceability isn’t there yet, at least on the scale envisioned by the G7. Trials have shown it’s possible to track rough diamonds; however, implementing a global system that offers true rough-to-polished traceability remains a challenge, sources say. A number of producing countries, including Botswana and Namibia, have been tapped to set up “rough nodes,” but that’s very much a work in progress.
DiamondBuzz
AWDC Hails EU-India Trade Pact, Sees Strong Export Boost for Antwerp-Polished Diamonds in India
Tariff cut on Antwerp-polished diamonds seen boosting exports and strengthening Europe’s position in India’s fast-growing jewellery market.
The Antwerp World Diamond Centre (AWDC) has welcomed the conclusion of the EU–India trade agreement. The pact provides for a reduction of India’s import duty on naturally polished diamonds of European origin, from 5.5% to 2.5%. AWDC said the tariff reduction follows its sustained lobbying in close coordination with the European Commission.
“We are extremely pleased with the outcome of the long-awaited trade agreement between Europe and India,” said Karen Rentmeesters, CEO of AWDC. “Thanks to AWDC’s intensive and sustained lobbying, in close cooperation with the European Commission, India’s import duty on polished diamonds has been reduced from 5.5% to 2.5%. This is an important boost for the Belgian diamond sector and is expected to have a positive impact on exports of Antwerp-polished diamonds to India.”
She added that the agreement strengthens Antwerp’s competitive position as a polishing hub. “Diamonds polished in Europe will now be able to enter India at a more favourable tariff than before, and also compared to other major trading hubs. India is one of the fastest-growing consumer markets for jewellery and therefore also offers strong prospects for European diamonds.”
Rentmeesters also highlighted the importance of tariff stability. “Since 2012, we have seen the tariff fluctuate from 2% to 2.5%, then to 5% and even 7.5% in 2018, before falling again to 5.5% in 2022. This lack of predictability created uncertainty within the sector. The fact that the tariff is now anchored in a trade agreement provides much-needed stability in a period that — partly due to geopolitical developments — is particularly challenging for the diamond sector, as it is for many other sectors.”
Trade agreements need to be ratified by European and national parliaments before entering into force. This procedure that usually takes multiple months or sometimes even years, AWDC noted.
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