The World Jewelry Confederation (CIBJO) has published the next special report in the series timed for 2024 CIBJO Congress in Shanghai in November, this time dedicated to geopolitics and its role in the current diamond industry landscape.
Prepared by the CIBJO Diamond Commission, the report examines the consequences of geopolitical pressures on the diamond industry, the introduction of a new ISO standard for the evaluation of the quality of batches of smaller polished diamonds, truth in advertising, and the terminology used to describe responsible supply chains.
The authors of the report questioned the efficacy of policies introduced by governments to regulate the diamond industry in the wake of sanctions imposed against diamonds of Russian origin. This was done without proper consulting with the industry stakeholders, and some measures even violated the World Trade Organization rules.
“The decision to impose sanctions against diamonds and diamond jewellery from Russia was in many respects a classic example of a kneejerk response by politicians, who act or at the very least state their intention to act, without fully thinking through the process, or even properly understanding the situation on the ground,” CIBJO Diamond Commission head Udi Sheintal said in the report.
“Much of it could have been avoided if the powers that decided on the restrictions had opened lines of communication to us, and learned what we knew already. We accept that it is not our mandate to decide government policy, but we are ones that need to implement those policies.”
CIBJO has published four special pre-congress reports to date. They cover such topics as precious metals markets, ESG compliance, and the role of the jewellery industry in expressing and promoting universal humanitarian values.
Theodor Lisovoy, Managing Editor, Rough&Polished
