Editor’s Note
This article highlights a significant downturn in Antwerp’s diamond trade, with a 25% year-on-year decline in 2024. The figures underscore broader challenges facing the global gemstone market.
Trade volume in Antwerp’s diamond sector declined significantly last year. In 2024, diamonds and other gemstones worth €23.7 billion were traded there. This corresponds to a decrease of approximately one quarter compared to 2023.
According to the business report from the local traders’ association, the Antwerp World Diamond Center (AWDC), trade figures in the Flemish port metropolis have not just started falling recently. In 2023, the trade volume there had already decreased by about 20%.
The AWDC states that the diamond trade is affected by a global crisis, hitting Antwerp particularly hard. Demand is falling significantly, especially from China. European economic sanctions, or the G7 sanctions against Russia since the war of aggression on Ukraine, are also contributing to the problems. Trade with Russia accounted for about 35% of rough diamond imports.
Virtually all diamonds leaving or reaching Europe pass through Antwerp. Around 1,400 companies are active in this sector here. In addition, there are numerous retail businesses dealing with diamonds. This accounts for approximately 3,500 jobs.
Meanwhile, as the AWDC notes, countries like Dubai, India, or South Africa are taking over parts of the business, as there are no boycotts against Russia from those locations.