US jewelers have cautioned Congress about the negative effects new sanctions on Russian diamonds will have on the retail sector, IDEX Online reports.
Representatives from the trade association Jewelers of America (JA) met with a dozen lawmakers from both parties in the House and Senate to express their concerns over the September 1st restrictions. These restrictions mandate that diamonds of 0.50 carats and above must enter G7 countries through Antwerp for verification.
JA argues that a single import channel will “cause maximum damage to the global diamond and jewelry supply chain, while having minimal effect on Russia’s diamond revenues”.
JA president & CEO David J. Bonaparte said: “JA has been working tirelessly behind the scenes and this visit to Washington, D.C. was a critical step to ensure we minimize unnecessary disruptions to the U.S. diamond industry.”
