The Belgian government has proposed a system to trace diamonds from Russia, a move that drew sharp reactions from global jewelry producers. Observers familiar with industry dynamics noted the plan would alter how rough and polished stones move from source to market, underscoring concerns about transparency and the broad input of all affected parties.
Industry insiders and many leading diamond traders have argued that the proposal lacks clear openness and fails to incorporate the perspectives of every stakeholder. They contend that practical details, governance mechanisms, and verification processes must be clarified to avoid unintended consequences for supply chains and market confidence.
Officials in Belgium have suggested that the plan received broad government backing following extensive cross-border consultations. In parallel, major economies aligned with the G7 signaled intent to unveil a unified tracking framework in the near term, aiming to increase traceability and reduce opaque flows within the gem trade.
Industry data indicate that roughly nine out of ten diamonds in the global market pass through the Antwerp region, reflecting its long-standing role as a central trading hub. At the same time, Russia remains a notable supplier of rough diamonds, with annual exports estimated around four billion dollars. Any move to impose sanctions or tighten controls could reverberate through polishing hubs, retailers, and consumer confidence alike.
In mid-November, the United States announced sanctions targeting a group of Russian diamond-related entities, signaling intensified policy pressure and a broader push to curb illicit or opaque trade channels across the sector.
Earlier responses from the Kremlin have noted the European Union’s decision to restrict Russian diamond exports, highlighting the geopolitical dimension of supply chain governance and the potential ripple effects across markets, pricing, and employment within diamond-producing regions.