The CIBJO Diamond Commission has released a special report ahead of the CIBJO Congress, highlighting the critical challenges facing the industry due to government sanctions on diamonds from Russia. It also addresses the introduction of new ISO standards and the ongoing need for responsible terminology in the supply chain, as reported by Diamond World.
The Diamond Commission report, led by President Udi Sheintal, focuses on the impact of sanctions on Russia and criticizes policymakers for a “kneejerk response” and taking actions without understanding the industry’s intricacies, which has caused significant disruptions in the market.
However, the report notes that despite the challenges facing the industry, the market is stabilizing. Despite this improvement, Sheintal emphasizes the need for continued cooperation between governments and industry players to prevent future trade disruptions.
In addition to the geopolitical issues, the report also addresses the development of new ISO standards for evaluating smaller polished diamonds and the need to establish an accepted and consistent terminology for describing responsible supply chains.
To read the full report, click here
