European traders believe that EU rules on sanctions against Russian diamonds are absurd and origin chaos in the jewellery marketplace – according to a publication in the British paper The Times.
As the paper recalls, after the entry into force of the restrictions, the European Commission ordered all diamonds imported into the block countries to be sent to Antwerp, the world's largest diamond trade centre, to be checked for possible Russian origin.
The traders told The Times that this decision caused large delays, additional costs and disgruntled customers as officials require many papers to prove the origin of each party.
One of the traders said that while in the past it could take 2 days to complete the order, this process is presently taking up to 2 weeks due to bureaucracy.
"Ten companies have already told me that they are planning to decision to Dubai or India due to these fresh regulations," said the paper financial advisor to the diamond manufacture in Antwerp.
Lega artis AppAt the same time, as The Times notes, the United Kingdom and the United States have given up the program, allowing diamond producers to certify their country of origin independently.
"If you asked me what I think of Brexit, I would say it was the biggest mistake Britain has always made. Now I think, "Oh, my God, I'm so glad we got out of this," said Alan Cohen, president of the London Diamond Exchange.
Last week, the Antwerp global Diamond Centre (AWDC) sent a letter to marketplace participants, in which it stated that the G7 sanctions against Russian diamonds led to supply disruption due to fresh requirements for declaration and customs clearance of gems.
The restrictions on imports of diamonds from Russia into the EU and G7 entered into force on 1 January 2024 and on 1 March G7 countries gradually began to restrict imports of diamonds from Russia processed in 3rd countries.
Finance Minister Anton Siluanov had previously said that EU sanctions on imports of diamonds from Russia would not benefit those who imposed them and Moscow would change the configuration of its markets. According to the minister, exports of diamonds will continue.
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Daniel Głogowski
Publicist, author and social activist. The first articles were published in 1999 for global publishers. For more than 30 years, he has gained his experience through cooperation with the largest editorial offices. In his articles, he sought to address controversial themes and present first viewpoints that allowed for a deeper knowing of the issues discussed. Over the years, he gained a reputation as a reliable journalist. Contact: [email protected]
