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

ADPA blasts G7 for sidestepping KPCS, warns of devastating impact on diamond trade

12 march 2024

African Diamond Producers Association (ADPA) has expressed its displeasure over the G7’s rough diamond trade restrictions outside of the Kimberley Process Certification Scheme (KPCS) regulations.

In a letter addressed to KPCS chairperson Ahmed Bin Sulayem, ADPA executive director Ellah Muchemwa said the move will have a detrimental impact on the whole diamond industry.

“The expedited restrictions by the G7 and the European Union (EU) threaten to have negative direct and indirect economic consequences to the diamond industry throughout the supply chain from mine to finger, resulting in a “lose-lose situation" for all,” she said.

”This is happening against the backdrop of a global macroeconomic downturn exerting pressure on the sales of diamonds that have already resulted in an inventory build-up and up to double-digit price reduction for key sizes across the board since 2023.”

Muchemwa said that in the absence of proper consultation with African producers, they concluded that the G7 restrictions on diamonds would disrupt the current supply chains and the fundamental business model of the diamond sector by introducing segregation requirements.

She said the G7 restrictions will also bring extra costs on all stages, from mining to retail, by the introduction of unilaterally longer and more complicated procedures for processing trade transactions, especially cross-border ones, including difficulties with bank payments and financing, insurance, and logistics.

“These factors will increase the turnaround time of processing and transacting diamond businesses, disrupting the industry's production cycle and profits,” she said.

“The negative impact is more obvious in the case of creating a single node bottleneck that needs to be passed at every stage of diamond 'transformation with no clear understanding of how the verification will be done on the first rough diamond, then the same polished diamond derived by said rough diamond, then same diamond set in a jewellery piece.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished