The Antwerp World Diamond Centre (AWDC) has issued a statement supporting the G7’s decision to ban Russian diamonds from entering the G7 and EU markets.
In line with this, AWDC is advocating for a robust and traceable verification system to ensure ethical standards in the diamond industry. However, the organisation emphasises the need for additional verification points outside the G7 to ensure the smooth trade of non-sanctioned goods.
Advocacy for African Producers
AWDC is actively participating in discussions with G7 and EU representatives to implement these measures. They propose the establishment of one or more rough diamond verification points outside the G7. This initiative aims to create a balanced control system benefiting all stakeholders, particularly African diamond-producing countries. AWDC highlights the constructive nature of these ongoing conversations and hopes for support from other G7 and EU parties.
Ensuring a Smooth Transition to Traceability
In addition to advocating for external verification points, AWDC is working towards a seamless transition to a comprehensive traceability system. With the end of the ‘sunrise period’ approaching, AWDC’s goal is to help the industry adapt smoothly. They aim to prevent stakeholders from being overwhelmed by new traceability requirements and expect political support in this transition.
Industry Implications
The establishment of verification nodes outside the EU signifies a step towards more inclusive and practical solutions in diamond traceability and could streamline the process of distinguishing between sanctioned and non-sanctioned goods, ensuring a stable supply chain. The focus on African producers reflects a shift towards more equitable practices and as the transition to full traceability progresses, jewellers must stay informed and prepared for the new system’s requirements to maintain compliance and uphold ethical standards.
