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Belgium will not introduce a ban on the import of Russian diamonds until the launch of an international mechanism for tracing the origin of stones, Prime Minister Alexander De Croo said at a press conference with Ukrainian President Vladimir Zelensky.
“Belgium cannot ban the import of Russian diamonds until the G7-agreed traceability mechanism comes into force, which is scheduled for January 1, 2024,” – leads his words TASS.
If Belgium introduces such a ban alone, the stones will go to other markets, the prime minister explained.
19 May President of the European Council Charles Michel saidthat the EU plans to limit trade in Russian diamonds. As the media noted at the time, the restrictions were opposed by Belgium, which feared the consequences for the Antwerp Diamond Center. On the same day, British Prime Minister Rishi Sunak announced a ban on the import of Russian diamonds, copper, nickel and aluminum.
As TASS notes, the Belgian Prime Minister’s statement on October 11 confirms media information about a ban on the import of Russian diamonds being planned starting in January 2024. The country of origin within the mechanism will be determined not by the place of cutting, but by the place of extraction. In early October, Indian media wrotethat the G7 countries do not object to Indian cutters purchasing Russian diamonds, but want to limit the import of cut stones of Russian origin weighing one carat or more
The Kremlin, commenting on the EU plans to limit trade in Russian diamonds, noted that this would only lead to the formation of gaps, since the world market is rich in alternatives.
At the end of March 2022, the UK authorities imposed sanctions on Alrosa, which supplies about a third of the world’s rough diamonds. In April of the same year, the United States, Canada and Australia imposed sanctions against the company.
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