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Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

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01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Belgium unveils plan to abandon Russian diamonds

21 september 2023

Prime Minister of Belgium Alexander de Croo presented a plan to oust Russian precious stones from the market to leading representatives of the diamond industry at the UN General Assembly in New York, as reported by with reference to Le Soir.

According to the report, the mechanism for preventing Russian stones from entering the market is almost ready. However, for its effective operation and launch from January 1, 2024, it is necessary to ensure the participation of all leading industry players.

It is assumed that the new diamond tracking protocol will rely on several control mechanisms, including the Kimberley Process (a 2003 certification scheme to prevent the influx of rough diamonds from conflict zones to world markets). The mechanism will be secured through blockchain technology.

According to Le Soir, if Belgium's plan is successful, it will lead to the displacement of Russian stones from the market in favor of diamonds from the African continent.

As Le Soir reported earlier with reference to a Belgian diplomat, Belgium is leading the development of a plan to abandon Russian diamonds. It is not by chance that the country assumed these powers, since Antwerp, Belgium, is one of the world's biggest centers of diamond trade and manufacturing.

The European Commission and the United States are also involved in developing a plan to ban Russian diamonds. The restrictions may come into force on January 1, 2024. The G7 countries may announce a ban at the end of September-October, the European Union - in October-November.

Alex Shishlo for Rough&Polished