2023-09-20 05:22:15
The Belgian Prime Minister, present in New York for the UN General Assembly, spoke in favor of the embargo on Russian diamonds currently being negotiated at the G7 level.
Belgian Prime Minister Alexander De Croo (Open Vld) confirmed Tuesday evening, on the sidelines of the 78th UN General Assembly in New York, Belgium’s intention to participate to the embargo on Russian diamonds that the G7 is preparing to put in place to dry up Moscow’s financial resources. Alexander De Croo spoke at an event at the residence of the Consul General of Belgium, in front of an audience of Belgian and New York businessmen from the diamond sector, including the CEO of the Antwerp World Diamond Center, Ari Epstein.
“Russian diamonds are blood diamonds.”
“There is no doubt regarding it, Russian diamonds are blood diamonds. We are extremely satisfied that the G7 has taken the initiative of an embargo“, said the Prime Minister. “We want to completely close our market to Russian diamonds.”
The head of the US Sanctions Coordination Office, James O’Brien, was also present at this event. “We are working on the final stage. This embargo would not be possible without Belgium” said O’Brien.
Negotiations within the G7 are not entirely finalized, but, according to a Belgian government source, it would be a matter of weeks.
Traceability process
The Belgian Prime Minister welcomed the diamond traceability process currently being negotiated within G7 countries. According to our information, the G7 might announce in “two to three weeks” the application ofa direct and indirect embargo on Russian diamonds from January 1, 2024. At the same time, the European Union should adopt legislation to sanction Russian diamonds. Antwerp being the diamond hub in Europe, this decision affects Belgium first and foremost.
“This embargo would not be possible without Belgium.”
This total ban on importing gems from Russia will be made possible by the establishment ofa traceability system via specialized platforms, like the American company GIA, the world’s leading authority on diamond identification. Tracing rough and cut diamonds will prevent sanctions evasion by other markets like India.
As soon as the embargo is implemented, the global diamond market will be divided between G7 member countries and non-member countries, where Russian rough and cut stones will continue to circulate. In anticipation of this decision, the world’s number one diamond producer, Russia’s Alrosa, began flooding the market with low-cost diamonds.
The CEO de GIA, Susan Jacquespresent at this event, welcomed the role played by Belgium in the G7 initiative.
This project is also supported by the Watch and Jewellery Initiative 2030a program set up by jeweler Cartier and luxury giant Kering to achieve the UN’s sustainable development goals.
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