G7 Sanctions: Antwerp Traders Complain of Week-Long Delays
March 18, 24
(IDEX Online) - Diamond traders in Antwerp say they've been suffering unbearable disruption to supply chains since the latest G7 sanctions on Russia, with many shipments taking more than a week to be cleared.
They say they were given assurances by the Antwerp World Diamond Centre (AWDC) before the 1 March restrictions that goods would be cleared in under 24 hours.
Almost 150 traders wrote to the AWDC on 13 March urging a "comprehensive review of the procedures" which are, they say, increasing expenses and costing them customers.
"We share the goals and the spirit of the sanctions but object to this cumbersome, ineffective, and inefficient execution," they say.
"The intention was to prevent the flow of diamonds from sanctioned states, but the reality we face is the severe disruption if our supply chains, and alienation from the rest of the global trade."
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They say they raised concerns months ago about "unrealistic policies" but were ignored.
The AWDC responded to the traders' letter the following day. CEO Ari Epstein said: "In light of the processing time concerns, I want to highlight the government's assurance that all shipments with proper documentation will be expedited within 24 hours.
"To facilitate this, we are prioritizing the processing of correct declarations over the usual first-come, first-serve system. This adjustment aims to streamline procedures and reduce waiting times for compliant shipments."
He warned that violation of sanctions were criminal in nature and not taken lightly by governments or by the AWDC
He also said a session would be held shortly with government officials to "demystify" the new process.