Editor’s Note
This article highlights the significant challenges facing Antwerp’s diamond sector following G7 sanctions, which have led to a sharp decline in imports. The industry’s call for government support underscores the broader economic pressures and need for adaptive strategies in global trade.
Antwerp’s diamond industry is demanding “decisive support” from the government after rough diamond imports dropped by 35% due to G7 sanctions on Russia, according to IDEX Online.
The Antwerp World Diamond Centre (AWDC) is calling for financial support from Belgian banks (which is currently nearly impossible), additional visas for skilled foreign workers, and clearer guidelines to expedite the movement of goods through customs.
According to the report, Karen Rentmeesters, the new CEO of AWDC, stated that the industry needs government support to create a business-friendly environment and allow Belgium’s diamond sector to strengthen in the fields of sustainability and innovation.
She also noted that global prices for rough and polished diamonds have plummeted, which is clearly reflected in Antwerp’s trading figures.
The Antwerp World Diamond Centre (AWDC) stated: “Due to the ban on Russian diamonds, effective January 1, 2024, in all G7 and EU countries, Antwerp saw its total import of rough diamonds drop by 35 per cent.”
Before the war in Ukraine, more than a third of all imported rough diamonds were of Russian origin, and many Antwerp diamond companies had built their business models around these goods, which are now banned from trade.
