Belgium unveils plan to phase out Russian diamonds – Kommersant

Belgian Prime Minister Alexander de Croo presented to leading representatives of the diamond industry at the General Assembly in New York a plan to force Russian gems out of the market. This was reported by the Belgian publication Le Soir.

According to the publication, the mechanism to prevent Russian stones from entering the market is almost ready. However, for it to work effectively and launch from January 1, 2024, it is necessary to ensure the participation of all leading industry players.

The new diamond tracking protocol is expected to rely on several control mechanisms, including the Kimberley Process (a 2003 certification system to prevent the flow of rough diamonds from conflict zones into world markets). The mechanism will be secured through blockchain technology. According to Le Soir, if Belgium’s plan is successful, it will lead to the displacement of Russian stones from the market in favor of diamonds from the African continent.

As Le Soir previously reported, citing a Belgian diplomat, Belgium is leading the development of a plan to abandon Russian diamonds. It is no coincidence that the country took on these powers, since Antwerp, Belgium, is home to one of the world centers for trade and processing of diamonds.

The European Commission and the United States are also involved in developing a plan to ban Russian diamonds. The restrictions may come into force on January 1, 2024. The G7 countries may announce a ban at the end of September – October, the European Union – in October-November.

How sanctions affected the company – in the material “Diamonds did not notice the sanctions”.

Anastasia Larina