The German jewelry and watch industry fears that the import ban on Russian diamonds could lead to price increases in Germany.
The ban is hurting German industry, diamond mine workers and global cutters and traders. As per market experts, international and national crises also do not indicate high sales in 2024.
Guido Grohmann, General Manager of the Federal Association of Jewelry, Watches, Silverware and Related Industries of Germany, explained: “We fear a price increase due to greatly increased costs in the supply chain, especially for non-Russian diamonds. The damage to our industry will be significantly greater than to the Russian diamond trade.”
Both the European Union (EU) and the Group of Seven major industrial nations (G7) want to cut Russian income from diamond exports in response to Russia’s war of aggression in Ukraine and have imposed sanctions. “But, those really affected by the sanctions are not in Russia, but in the mines in Africa and among the grinders and traders in India and other places of the world,” explained Grohmann.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
