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.
A high-level Belgian delegation arrived at the Bharat Diamond Bourse (BDB) in Mumbai on 3rd December, bringing renewed focus to the deep commercial and cultural ties that link India and Belgium’s diamond sectors.
The Belgian delegation included HE Ambassador William Asselborn, Director for Asia and Oceania at the Belgian Ministry of Foreign Affairs; Frank Geerkens, Consul General of Belgium in Mumbai; Brigadier General Mario Engels, Defence Attaché from the Embassy of Belgium in New Delhi, along with senior representatives from Flanders Investment and Trade.Eva Verstraelen and Filippe De Potter.
Kirit Bhansali, Chairman, GJEPC, and Shaunak Parikh, Vice Chairman, GJEPC, joined Mehul Shah, Vice President, BDB, and other bourse officials in welcoming the delegation for a formal interaction and tour of the world’s largest diamond trading complex.
“Our relationship with Belgium has been built on trust, respect, and years of working together. Antwerp and Mumbai have grown alongside each other, supported by our diamond businesses, our artisans, and the many Indian families who made Antwerp their home. As the industry evolves, there is real opportunity for us to work even more closely in technology, new ideas, and smoother trade, strengthening the future of our diamond partnership.” Kirit Bhansali said.
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