The World Federation of Diamond Bourses (WFDB) has embarked on a campaign, rallying the global diamond industry to express concerns over the proposed restrictions on diamonds by the G7. In a decisive move, the WFDB, led by President Yoram Dvash, has dispatched a letter to G7 and EU government representatives outlining the significant challenges posed by the suggested “one import node” solution.
The letter, co-signed by influential figures Feriel Zerouki, president of the World Diamond Council, Vipul Shah chairman of the Gem & Jewellery Export Promotion Council of India, and Ronnie Vanderlinden, president of the International Diamond Manufacturers Association, represents a unified stance against potential restrictions on diamonds of Russian origin.
This letter stresses the shared belief in the importance of tracing diamond origins but expresses reservations about the suggested process potentially causing irreparable harm to the non-Russian diamond industry.
President Yoram Dvash underscored the urgency of finding a consensus within the industry, particularly given the imminent enforcement of sanctions. He urged that sanctions should be directed toward the intended party and not adversely affect the entire industry.
Highlighting the gravity of the situation, Dvash expressed hope that additional organisations and wider trade members would endorse the letter, inviting diamond and jewellery industry members to add their names.
“The G7 must understand that the direction they have chosen will cause great damage to the world diamond industry. We hope that the concerns we are voicing will convince the G7 governments that an alternative solution must be found,” Dvash says.
The letter delves into specific concerns raised by the industry, including the lack of clarity on evidence requirements for compliance, the challenges posed by the proposed certification process in Antwerp, and the potential economic ramifications of concentrating non-Russian diamonds in one node.
Furthermore, the industry urges the G7 to support a global solution, making technology for tracing and certifying diamond origin accessible to all non-Russian producer countries, trading countries, and manufacturing countries. Inclusivity is emphasised, with a call to provide free access to technology for artisanal and small-scale miners, ensuring a balanced and ethical approach.
As the global diamond industry stands united against the proposed G7 restrictions, the WFDB’s campaign represents a pivotal moment in advocating for a more considered and inclusive approach that safeguards the interests of the industry.
