Last week, representatives from Jewelers of America (JA) and key industry figures convened with lawmakers in Washington, DC, to voice their concerns regarding proposed sanctions on Russian diamonds.
In a statement released on Tuesday, JA president and CEO David Bonaparte emphasized the organization’s ongoing efforts to minimize disruptions in the US diamond industry. Bonaparte expressed particular apprehension about upcoming regulations slated for September 1, notably the European Union’s proposal requiring all diamonds of 0.50 carats or more destined for Group of Seven (G7) markets to pass through a single import channel in Belgium.
While JA is committed to keeping diamonds of Russian origin out of the supply chain and supports the stricter regulations implemented on March 1, which mandate importers to certify that diamonds of 1 carat or larger are not of Russian origin, the organization contends that enforcing physical verification and certification in Belgium for all rough diamonds would disproportionately harm the global diamond and jewelry supply chain with minimal impact on Russia’s diamond revenues.
Accompanying Bonaparte on the visit were industry leaders including Jon Bridge from Ben Bridge Jeweler, Dave Meleski from Richline Group, Matthew Swibel from Signet Jewelers, and Ronnie VanderLinden, representing the Diamond Manufacturers Importers Association of America (DMIA) and the International Diamond Manufacturers Association (IDMA). Together, they engaged with both Democratic and Republican lawmakers and their staff members to discuss trade-related concerns.
The discussions underscored the potential supply chain disruptions resulting from the proposed diamond-import requirements and the associated costs to consumers. The group advocated for a “grandfathering” clause for diamonds and diamond jewelry imported into the US before March 1, 2024. Additionally, they stressed the importance of recognizing the existing certification systems in producer countries and clarifying that restrictions on 1-carat and larger diamonds pertain solely to individual loose diamonds and not the total weight in finished jewelry.
