G7 Sanctions: WFDB Opposes Single-Entry Point
December 25, 23
(IDEX Online) - The G7 sanctions on Russia, which take effect a week from now, will harm the entire diamond pipeline, says the World Federation of Diamond Bourses (WFDB).
It says the likely implementation of a single-entry point for all rough diamonds (probably Antwerp) will be expensive and time-consuming, and suggests multiple points of entry, including Mumbai, Israel, Dubai and African diamond-producing countries.
"The proposed mechanism as we understand it will be detrimental to the worldwide diamond industry throughout the entire pipeline - from producing countries through to the consumer," says WFDB president Yoram Dvash (pictured) in a statement on behalf of 27 diamond bourses and almost 30,000 bourse members worldwide.
"It is possible to create a more efficient and effective mechanism by allowing additional major diamond centers that deal with rough diamonds (for example Mumbai, Israel and Dubai), as well as the producing countries in Africa and elsewhere, to conduct the inspection and registration themselves, thus streamlining the process and saving considerable costs.
"We call upon the G7 countries to engage with the industry organizations in order to reach a more equitable and balanced mechanism."