De Beers has called for the extension of the G7 sanctions on Russian diamonds by a year to allow the industry to adapt to new requirements.
It said also said the import restrictions could be extended to 0.5 carat and above polished diamonds on September 1, 2024, with current certification requirements.
It, however, opposed the routing of all diamonds through Antwerp, calling for members of the G7 to accept the import certifications and rules of all other members to ensure the efficient movement of diamonds into and around the G7.
“Diamonds should be certified as close to the source as possible for maximum assurance on provenance,” it said.
“Belgium has a leadership role to play, but producer countries like Botswana, Canada, Namibia, South Africa and Angola have globally respected standards and must be able to certify their own diamonds for trade with the G7.”
De Beers also said that it fully supports a carve-out for rough diamonds cut and polished at the source
It said the Kimberley Process (KP) certificates are the only government-backed mechanism for certifying the origin of diamonds.
“De Beers believes that these certificates should be a requirement for providing assurance of diamond provenance,” said the diamond miner.
It said KP processes must be improved further to provide additional assurance, including certificates for parcels of diamonds listing countries of origin rather than 'mixed origin' and the digitisation of certificates.
De Beers said digital traceability can provide additional assurance on provenance for gem-quality diamonds.
“By 1 September 2024, De Beers aims to upload all its gem-quality rough diamonds of 1 carat and above (equivalent to 0.5 carat polished) onto Tracr, De Beers’ traceability blockchain,” it said.
“De Beers is willing to offer Tracr at a cost to industry participants and government authorities, and to reduce its ownership level to ensure Tracr’s independence.”
De Beers stated that it supports a practical strategy, such as the U.K.'s proposal, to manage current and historical diamond stock.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
