Editor’s Note
Belgium, a key hub in the EU’s diamond trade, has announced its support for banning Russian diamonds as part of sanctions against the Kremlin.
Belgian Prime Minister Alexander De Croo declared that his nation supports a ban on Russian diamonds. This measure is part of sanctions aimed at the government of Russian President Vladimir Putin for his war against Ukraine. This support comes despite Belgium being the country with the greatest interest in the global diamond trade within the European Union. The announcement was made during the visit of Ukrainian President Volodymyr Zelenskyy to Brussels. The Ukrainian president has repeatedly requested this measure since the beginning of the Russian invasion in February 2022.
The Group of Seven advanced economies and the European Union have been working for months on a way to track and restrict the trade of Russian diamonds to prevent them from evading sanctions. Russia exports these raw precious stones worth about four billion dollars annually, representing almost a third of the global total, according to various estimates.
When questioned about when the ban would take effect, the Belgian Prime Minister responded:
According to the Antwerp World Diamond Centre, the most important in the world, 84% of all raw diamonds mined on the planet are traded in the Belgian city, making it the most important gateway in the world for Russian diamonds.
Prime Minister De Croo, seated next to Zelenskyy, explained the rationale and necessity for a comprehensive approach:
To date, imports of Russian diamonds into the EU have not been affected by the measures of the 27-nation bloc, which have harmed many sectors of the Russian economy, including lucrative gas and oil. In Belgium, the diamond sector represents 6,600 direct jobs and 26,000 indirect jobs, with an annual trade of 37 billion dollars. Finally, it is important to note that diamonds represent about 5% of total Belgian exports to the EU and 15% outside the European bloc.