G7 Sanctions are Lose-Lose, say African Producers
April 03, 24
(IDEX Online) - The new G7 sanctions will be a "lose-lose situation" say African diamond producers.
Routing all EU-destined diamonds though a single entry point in Antwerp will create "a logistical nightmare for producer countries," Lefoko Moagi, Botswana's minister of mineral resources, told the African Diamond Producers Association (ADPA) in Zimbabwe.
The ADPA represents 19 countries - including Botswana, Angola, South African Republic, the Democratic Republic of Congo, Zimbabwe and Namibia - which jointly produce 60 per cent to f the world's diamonds.
"We are an independent continent, and those from overseas must talk to us as equals and respect us," said Zimbabwe President Emmerson Mnangagwa (pictured), told the gathering.
He criticized western nations for failing to even consult African countries over how the sanctions are implemented. "Restrictions on the trade being imposed by some market players are unacceptable," he said.
The ADPA has previously warned that the G7 Diamond Protocol would bypass, undermine and substitute the existing Kimberley Process Certification Scheme (KPCS) and impose a new set of restrictive measures on the global diamond trade.