The ban on diamonds of Russian origin introduced in the European Union has caused a number of issues to the diamond dealers operating in the Belgian city of Antwerp which became a single entry point to import diamonds to the EU.
According to a letter sent by Antwerp’s diamond dealers to the Antwerp World Diamond Centre (AWDC) and quoted by Reuters, the ban that took effect on March 1 has slowed imports, and this disruption may erode the competitive advantage of the Antwerp diamond trade. The letter was signed by over 100 local firms.
“While we fully support the decisions taken by Belgium, the European Union, and the G7 nations, in regards to the sanctions of January 1st 2024, the implementation of the measures to enforce the sanction has adversely affected all of our operations,” letter says.
“The intention was to prevent the flow of diamonds from sanctioned states, but the reality we face is the severe disruption of our supply chains, and alienation from the rest of the global trade.”
Diamond dealers said their shipments have been held up for over a week at customs even if the gems were straight from African producers. They also expect more problems when the additional tracing requirements take effect from September.
The head of the AWDC, Ari Epstein, said the group would soon present the new measures, adding it was “acutely aware of the challenges and disruptions this timing may have caused”.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
