A joint effort led by WFDB President Yoram Dvash, alongside industry figures like Feriel Zerouki from the World Diamond Council, Vipul Shah of the Gem & Jewellery Export Promotion Council of India, and Ronnie Vanderlinden of the International Diamond Manufacturers Association, has reached the desks of G7 and EU officials. The missive lays out concerns about the G7’s proposed “one import node” plan.
The message stresses worries over the potential fallout from restrictions targeting diamonds of Russian origin. It urges swift dialogue to mitigate the looming consequences and stresses the need for a united approach to tracing diamond provenance. There’s fear that the suggested strategy could disproportionately harm the wider diamond industry beyond Russia.
President Dvash insists on targeted sanctions to punish specific parties without casting a shadow over the entire industry. He calls for more industry players to rally behind the cause, highlighting the power of collective action.
The letter appeals to G7 nations to reconsider their proposed measures and suggests a fairer solution that won’t unfairly burden non-Russian players. It stresses the importance of providing clear guidance on compliance and certification for diamonds not linked to Russia.
Moreover, it pushes for equal access to tracing technology for all stakeholders, including small-scale miners. Protecting trade secrets and addressing issues like existing stock and second-hand jewelry are also key points.
In essence, the letter urges G7 nations to engage in meaningful dialogue with industry representatives to find a solution that meets objectives while minimizing disruption to the global diamond trade.
