De Beers and The Antwerp World Diamond Centre (AWDC) have written an open letter to the Belgian government asking it to reconsider mandating that all diamonds bound for Group of Seven (G7) nations pass through Antwerp.
In the letter, sent to Belgian Prime Minister Alexander De Croo, the companies point out that while they support G7 sanctions on Russian diamonds, they are concerned about their implementation in the country. They cite the delays and added financial burden the trade has faced in shipping diamonds since the new rules were implemented on March 1.
“Whilst other members of the G7 have focused on requiring importers to declare the origin of diamonds, the European Union has pursued a single node for certification in Antwerp,” the letter, sent last week, stated. “Unfortunately, since then, there have been substantial delays, blockages and costs for diamond imports into Belgium. On 13 March, 146 companies representing the entire Antwerp diamond trade signed a petition stating that their businesses are suffering severe disruption.”
At the start of the month, several of the G7 nations released guidelines for importing Russian diamonds, with the US and the UK choosing to rely on self-certification for stones above 1 carat, with documentary proof required in certain cases in the latter. However, the EU requires documentation in all cases, with stricter rules to follow beginning September 1. The G7 comprises Canada, France, Germany, Italy, Japan, the UK, and the US, as well as the EU.
De Beers and the AWDC argued that if Belgium followed through with its intention to require all G7 diamonds to pass through a single node in Antwerp, it would cause further disruption to the trade.
“We appeal to you to reconsider any intentions of mandating that all diamonds bound for the G7 must pass through Antwerp,” the letter said. “We acknowledge and endorse the importance of Antwerp maintaining its status as a crucial diamond hub in the future. We support your desire for improvements to existing provenance systems. We support your desire to improve transparency. We support your drive to move from paper certificates to a digital blockchain, and we support the future of Antwerp as a global leader in diamonds. We would like to offer to work with your government to strengthen provenance certification, to underpin diamond supply to Antwerp and to support your leadership in delivering the G7 objectives.”
Main image: Polished diamonds. (Shutterstock)
