Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

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

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

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

WFDB voices support for G7 restrictions on Russian diamonds, concerned about effect on diamond industry

18 december 2023

The World Federation of Diamond Bourses (WFDB) has reiterated its support for the objectives of the G7 to restrict the import of rough and polished diamonds originating in Russia.

According to the organization's press release, it will continue to cooperate with the G7 and the World Diamond Council (WDC) in their efforts to establish a practical and effective mechanism to fulfill these objectives.

WFDB said that it seeks to ensure that the mechanism to be adopted by the G7 will facilitate access of responsibly sourced diamonds to G7 markets and will limit impediments and unnecessary additional costs to diamond trading.

WFDB recognizes that a single point of entry mechanism of diamond trade will oblige companies from around the world who wish to market polished diamonds within the G7 to open an office in this single point of entry. Having only one point for registration and inspection will impose additional costs of time and money to the diamond trade, WFDB said.

WFDB President Yoram Dvash said: “The proposed mechanism as we understand it will be detrimental to the worldwide diamond industry throughout the entire pipeline – from producing countries through to the consumer. It is possible to create a more efficient and effective mechanism by allowing additional major diamond centers that deal with rough diamonds (for example, Israel, Mumbai and Dubai), as well as the producing countries in Africa and elsewhere, to conduct the inspection and registration themselves, thus streamlining the process and saving considerable costs. I call upon the G7 countries to engage with the industry organizations in order to reach a more equitable and balanced mechanism”.

Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished