Russia’s diamond tracking system may be on the agenda of the upcoming G7 summit | outside

A global system for tracing the origin of diamonds may be on the agenda for the G7 summit next month. This was said by a Belgian diplomat who was heard on Wednesday in the parliamentary committee on foreign relations.

The European Union has been discussing for some time a possible import ban on Russian rough diamonds in the context of Russia’s invasion of Ukraine. With its Antwerp Diamond Center, our country is an important buyer of Russian diamonds all over the world and is therefore regularly criticized at the international level. Ukrainian President Volodymyr Zelensky pointed this out during his speech in the hall last year.

However, banning the import is difficult, because it is almost impossible to verify the origin of the gem, and therefore the measure would be easy to circumvent. Moreover, the Russian diamond giant Alrosa can simply find other markets, so that the biggest loser is not Russia, but Europe itself in particular. It could be the first solution to an international system for tracing the origin of diamonds.

Ambassador Christophe de Basombi√®re of the European Union’s Department of Foreign Affairs for Foreign Affairs of the Federal Public Service said in the room on Wednesday that the first draft of such a system could be on the agenda of the next G7 summit. De Bassompierre spoke of a direct ban on the import of rough diamonds, an indirect ban on trade in intermediate and finished products, and full traceability – from mining to finishing – for consumers.

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The G7 summit will be held from May 19-21 in Hiroshima, Japan. The diplomat said Belgium hoped to put a first proposal on the table that could be widely adopted.

India, United Arab Emirates and Israel

In any case, the system can only come into effect gradually, because India, the United Arab Emirates and Israel, among others, must be persuaded. These countries play an important role in the initial processing of rough diamonds. In addition, the European Union and other G7 countries must also implement a potential regime in a new sanctions package. The Belgian government has always said that it will not oppose bans on the import of Russian diamonds.

Read also. Closer to the complete boycott of Russian diamonds in Antwerp: “But many loopholes still need to be closed” (+)

Denton Watson

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