Sanctions on Russia: WFDB Still Fighting "Belgian Plan"
February 22, 24
(IDEX Online) - The World Federation of Diamond Bourses (WFDB) says it is still pursuing its fight against the so-called Belgian Plan, which would route all G7 diamonds through a single entry point in Antwerp.
The newest phase of sanctions on Russia diamonds (over 1-ct, cut and polished anywhere) is due to be implemented on 1 March, although details of how it will operate have yet to be made public.
However the WFDB, representing 27 bourses, is concerned that the Antwerp entry point for verification will prove to be expensive and time-consuming.
It suggests multiple points of entry, including Mumbai, Israel, Dubai and African diamond-producing countries.
"Despite our best efforts, the G7 seems determined to implement a system that will harm the flow of rough diamonds from African countries and other non-Russian sources," said WFDB president Yoram Dvash (pictured) in an update earlier this week.
"The proposed G7 solution will bring significantly increased costs to manufacturers and traders and will make non-Russian natural diamonds more expensive and less competitive, at a time when the industry is facing a multitude of challenges.
"But we have not given up. We are continuing to work on a proposal that will hopefully unite the industry, which we will present to the G7 team, in the hopes that the industry's needs will be taken into account."
He said meetings had been held between the trade and the G7 technical team, but the WFDB proposed solutions had fallen on deaf ears.