Tuesday, May 21, 2024
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WFDB Calls for Action from Industry Following G7 Diamond Restrictions

In response to the G7’s proposal for diamond restrictions, the World Federation of Diamond Bourses (WFDB), led by President Yoram Dvash and supported by key figures including Feriel Zerouki of the World Diamond Council, Vipul Shah of the Gem & Jewellery Export Promotion Council of India, and Ronnie Vanderlinden of the International Diamond Manufacturers Association, has issued a call to action. A letter penned by these industry leaders has been dispatched to representatives of G7 and EU governments, articulating concerns and urging reconsideration of the proposed measures.

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Central to the letter is the apprehension surrounding the “one import node” solution suggested by the G7, particularly regarding its potential impacts on diamonds of Russian origin. The letter stresses the necessity for dialogue to mitigate foreseeable repercussions and advocates for collaborative efforts to trace diamond origins. It warns against potential irreparable harm to the non-Russian diamond industry if the proposed approach is implemented as is.

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President Dvash emphasizes the need for targeted sanctions that effectively address the intended parties without causing collateral damage to the entire industry. He calls for additional endorsements from organizations and trade members, highlighting the significance of unified action in addressing the issue at hand.

Furthermore, the letter urges G7 member states to reassess the proposed restrictions and advocates for a solution that is inclusive and fair, minimizing disproportionate impacts on the non-Russian diamond sector. Clarity and guidance on compliance procedures and certification of non-Russian diamonds are deemed crucial.

Equitable access to tracing technology is advocated for, with a specific emphasis on ensuring participation from artisanal and small-scale miners. Protecting proprietary trade information and addressing concerns such as pre-existing stock, second-hand diamonds, and the treatment of jewelry and watches under the proposed regulations are also highlighted.

In conclusion, the letter underscores the importance of meaningful dialogue between G7 member states and industry stakeholders to develop a solution that achieves regulatory objectives while safeguarding the integrity of the global diamond trade.

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