2023-09-20 17:50:12
Making the system fully transparent requires important work that we must carry out together. Let’s take this last step to implement the system on January 1, 2024.
The new traceability protocol would rely on several control mechanisms, including the Kimberley process (this international certification system established in 2003 to stem the influx of conflict diamonds onto the global market), all padlocked by Blockchain technology. If it works, the system should make it possible to eliminate Russian diamonds and reduce their market value in favor of diamonds from the African continent.
Still according to the Financial Times, theAntwerp World Diamond Centre (AWDC) is at the origin of the proposal. The AWDC said it had given “technical advice” to the Belgian government, according to the Financial Times.
Other governments, including those of the G7, are also said to have collaborated on the proposal. The economic newspaper quotes a Belgian official as saying: “This is not an industry initiative, but a government initiative“. Furthermore, the Belgian proposal would give a central role to Antwerp.
The city would then serve as “guardn” to determine the non-Russian origin of stones arriving in the G7 countries. According to the industrial source with whom Belga spoke, the Belgian proposal disadvantages all players in the sector (such as De Beers, HRD and WDC, editor’s note ), with the exception of the AWDC itself.
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