The World Federation of Diamond Bourses (WFDB) remains steadfast in its opposition to the “Belgian Plan,” a proposal advocating the channeling of all G7 diamonds through a single verification point in Antwerp, IDEX Online reports.
The newest phase of sanctions on Russia diamonds (over 1-carat stones, cut and polished anywhere) is due to be implemented starting March 1, 2024, although details of how it will operate have yet to be made public.
The WFDB, representing 27 bourses, says it is questioning the viability of the Antwerp verification entry point, anticipating potential drawbacks in terms of cost and time. To address this, it recommends exploring multiple entry points, including Mumbai, Israel, Dubai, and African diamond-producing countries.
WFDB president Yoram Dvash commented last week: “Despite our best efforts, the G7 seems determined to implement a system that will harm the flow of rough diamonds from African countries and other non-Russian sources. The proposed G7 solution will bring significantly increased costs to manufacturers and traders and will make non-Russian natural diamonds more expensive and less competitive, at a time when the industry is facing a multitude of challenges. But we have not given up. We are continuing to work on a proposal that will hopefully unite the industry, which we will present to the G7 team, in the hopes that the industry’s needs will be taken into account.”
Dvash added that the WFDB proposed solutions had fallen “on deaf ears,” according to the report.
