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 kommersant.ru 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
