https://sputnikglobe.com/20240325/worlds-largest-diamond-center-in-eu-faces-losses-after-ban-on-russian-diamonds---reports-1117538084.html
World's Largest Diamond Center in EU Faces Losses After Ban on Russian Diamonds - Reports
World's Largest Diamond Center in EU Faces Losses After Ban on Russian Diamonds - Reports
Sputnik International
The world's largest diamond trading center in the Belgian city of Antwerp is facing bureaucratic delays and losses due to sanctions against diamonds of Russian origin, UK newspaper reported.
2024-03-25T09:58+0000
2024-03-25T09:58+0000
2024-03-25T09:58+0000
economy
russia
european union (eu)
g7
diamonds
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On March 15, a European Commission official told RIA Novosti that verifying the origin of diamonds for admission to EU markets within the G7 ban on imports of Russian diamonds would be entrusted to the state-run Diamond Office in Antwerp. Officials at the Diamond Office demand documentation to prove the origin of each diamond batch and this leads to long delays, extra costs and infuriates clients, the newspaper reported on Sunday, citing several diamond traders. One of the traders also said that delaying a single shipment for two or three weeks costs the industry around $500 million, a burden borne by customers. Meanwhile, a financial adviser said that 10 local diamond companies were already planning to move to the United Arab Emirates or India in light of the new regulations. The European Union and G7 countries introduced a ban on direct imports of diamonds mined, processed or produced in Russia from January 1. From March 1, the countries are gradually restricting imports of Russian diamonds processed in third countries. Belgium is expected to play a key role in implementing the sanctions.
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russia, russian diamonds, diamonds from russia, diamond losses, ban on russian diamonds
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World's Largest Diamond Center in EU Faces Losses After Ban on Russian Diamonds - Reports
MOSCOW (Sputnik) - The world's largest diamond trading center in the Belgian city of Antwerp is facing bureaucratic delays and losses due to sanctions against diamonds of Russian origin, UK newspaper reported.
On March 15, a European Commission official told RIA Novosti that verifying the origin of diamonds for admission to EU markets within the G7 ban on imports of Russian diamonds would be entrusted to the state-run Diamond Office in Antwerp.
Officials at the Diamond Office demand documentation to prove the origin of each diamond batch and this leads to long delays, extra costs and infuriates clients, the newspaper reported on Sunday, citing several diamond traders.
One of the traders also said that delaying a single shipment for two or three weeks costs the industry around $500 million, a burden borne by customers. Meanwhile, a financial adviser said that 10 local diamond companies were already planning to move to the United Arab Emirates or India in light of the new regulations.
The European Union and G7 countries introduced a ban on direct imports of diamonds mined, processed or produced in Russia from January 1. From March 1, the countries are gradually restricting imports of Russian diamonds processed in third countries. Belgium is expected to play a key role in implementing the sanctions.
