https://sputniknews.in/20240524/russian-diamond-ban-g7-plan-suffers-a-blow-amid-protests-by-global-south-7443406.html
Russian Diamond Ban: G7 Plan Suffers a Blow Amid Protests by Global South
Russian Diamond Ban: G7 Plan Suffers a Blow Amid Protests by Global South
Sputnik India
In a major victory for African and Indian diamond industries, the Belgian industry has abandoned its proposed plan to route entire global diamond supplies through Antwerp to validate their origin.
2024-05-24T18:26+0530
2024-05-24T18:26+0530
2024-05-24T18:26+0530
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In a major victory for African and Indian diamond industries, the Belgian industry has abandoned its proposed plan to route entire global diamond supplies through Antwerp to validate their origin.Last December, the G7 countries called for implementing a "traceability" mechanism requiring roughs weighing over 0.5 carat to be routed through Antwerp starting this September, part of their plan to ban Russian diamonds from global supply chains.A statement by the Antwerp World Diamond Centre (AWDC), the official representative of Belgium's diamond industry, on Friday said that it was "pro-actively advocating" for implementation of "one or more additional rough verification points outside the G7".The Belgian association said that it was having ongoing conversations with the G7 and the European Union (EU) on the matter.The Belgian grouping said that it was also working towards "ensuring a smooth transition towards the implementation of a fully-fledged traceability system, when the so-called sunrise period comes to an end".Speaking at the Vibrant Gujarat Summit in January, Russian Ambassador to India Denis Alipov called on India to become a "rule maker" in the realm of polished diamonds to counter the fallout of the G7 ban.Protests by India and African StatesThe development comes days after the US opposed the single-point traceability criteria advocated by G7.Diamond industry expert Edahn Golan told Sputnik India that the US was in favour of "self-declaration and audits" rather than routing the entire supplies through Belgium.Indian Commerce and Industry Minister Piyush Goyal told the Bharat Diamond Bourse in Mumbai this month that India "reserves the right to retaliate" if the G7 ban was implemented.External Affairs Minister (EAM) S Jaishankar has said that the G7 plan to phase out Russian diamonds hurt India more than it affected Moscow.The city of Surat in India is a major diamond polishing hub, accounting for processing of 90 percent of the global roughs. Russia has been the biggest supplier of rough diamonds for the Surat industry, which in turn have been primarily exported to the US after being processed in India.Similarly, African Diamond Producers’ Association (ADPA), a consortium accounting for around 60 percent of global diamond production, has also raised objections over the G7 plan.
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Russian Diamond Ban: G7 Plan Suffers a Blow Amid Protests by Global South
The G7 proposal to route the global rough diamond supplies through Belgium in order to certify their origin has led to serious concerns in India, the leader in cut and polished diamonds.
In a major victory for African and Indian diamond industries, the Belgian industry has abandoned its proposed plan to route entire global diamond supplies through Antwerp to validate their origin.
Last December, the
G7 countries called for
implementing a "traceability" mechanism requiring roughs weighing over 0.5 carat to be routed through Antwerp starting this September, part of their plan to ban Russian diamonds from global supply chains.
A statement by the Antwerp World Diamond Centre (AWDC), the official representative of Belgium's diamond industry, on Friday said that it was "pro-actively advocating" for implementation of "one or more additional rough verification points outside the G7".
The Belgian association said that it was having ongoing conversations with the G7 and the European Union (EU) on the matter.
The Belgian grouping said that it was also working towards "ensuring a smooth transition towards the implementation of a fully-fledged traceability system, when the so-called sunrise period comes to an end".
An AWDC spokesperson told Sputnik India that a final decision on where the additional nodes would come up were in "full progress" with relevant stakeholders.
"We cannot go further into where these nodes are going to be implemented," the spokesperson said.
Speaking at the Vibrant Gujarat Summit in January, Russian Ambassador to India Denis Alipov called on India to become
a "rule maker" in the realm of polished diamonds to counter the fallout of the G7 ban.
Protests by India and African States
The development comes days after the US opposed the single-point traceability criteria advocated by G7.
Diamond industry expert Edahn Golan told Sputnik India that the
US was in favour of "self-declaration and audits" rather than routing the entire supplies through Belgium.
Indian Commerce and Industry Minister Piyush Goyal told the Bharat Diamond Bourse in Mumbai this month that India "reserves the right to retaliate" if the G7 ban was implemented.
External Affairs Minister (EAM) S Jaishankar has said that the G7 plan to phase out Russian diamonds
hurt India more than it affected Moscow.
The city of Surat in India is a major diamond polishing hub, accounting for processing of 90 percent of the global roughs. Russia has been the biggest supplier of rough diamonds for the Surat industry, which in turn have been primarily exported to the US after being processed in India.
Similarly, African Diamond Producers’ Association (ADPA), a consortium accounting for around 60 percent of global diamond production, has also raised objections over the G7 plan.
