- Sputnik International, 1920
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No Change Expected in Diamond Market After Sanctions on Russia – Belgian Diamond Industry

CC0 / / Diamond
Diamond - Sputnik International, 1920, 17.03.2022
BRUSSELS (Sputnik) - A US ban on nonindustrial diamonds originating from Russia will have no effect on the global diamond industry, Tom Nijs, a PR officer for the Syndicate of the Belgian Diamond Industry in Antwerp, told Sputnik.
Nijs said that US sanctions did not apply to rough Russian diamonds that were cut and polished elsewhere. The Belgian syndicate imports and exports all the gems they work on, the officer said, with annual sales reaching 37 billion euros ($41 billion) last year. The United States and China are the main importers.
"In the present circumstances, we do not expect any change in the market. Antwerp retains the market for high-quality, complex-cut stones," he said.
He added that India accounted for 90% of the cutting and polishing market for all rough diamonds, most of them small or lesser quality gems. Other global players, such as Amsterdam, are not worth mentioning, Nijs added.
Export of processed diamonds fell by nearly 55% in the first half of 2020, compared to 2019. The pandemic caused most retail business to shut down and exports stagnated before picking up again. Belgium exports more than 150,000 carats a month, and sales of larger and more valuable gems is the only segment of the market that has performed well during the outbreak.
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