The Belgian government’s proposal to trace diamonds from the Russian Federation caused discontent among world producers. This was reported by Finance Times.
According to the FT, 16 of the world’s leading jewelery companies and diamond traders criticized Belgium’s plan for its lack of “transparency and consideration of the views of all parties”.
However, a Belgian source told the publication that the plan was approved at government level after “wide interstate consultations”. G7 plans to announce the tracking system in the coming weeks.
According to the publication, approximately 90% of the world’s diamonds pass through the center of Antwerp. At the same time, Russia’s annual export of rough diamonds is approximately 4 billion dollars. The introduction of sanctions could deal a serious blow to the jewelry market.
mid-November USA introduced Sanctions against 14 Russian companies
Previously Kremlin commented The EU bans the supply of Russian diamonds.
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.