Antwerp World Diamond Centre (AWDC) announced today that Antwerp may not be the only rough node for the upcoming G7 certification system aimed at blocking Russian diamonds. AWDC interim CEO Karen Rentmeesters revealed that other nodes could be established in producer countries like Botswana, allowing them to verify the origin of their own diamonds.
The G7 plan, set by the European Union in December, mandates that all diamonds destined for G7 countries be certified in Antwerp. African producers have raised concerns about the logistical challenges this would pose. However, AWDC is open to letting certain producers certify their own goods, with the final decision resting with governments.
Rentmeesters is hopeful that G7 member nations and the EU will adopt a unified approach in September when sanctions on diamonds over half a carat are set to be enforced. The plan requires all covered stones to be accompanied by G7 certificates supported by blockchain-based tracking programs.
Despite the delays caused by the sanctions, Rentmeesters emphasizes the necessity of adapting to the new reality of sanctions on Russian diamonds. She asserts that compliance with the rules is crucial for a credible system, even if adjustments are needed for greater efficiency.
The industry is urged to acknowledge and abide by the sanctions, which are now a permanent fixture. Rentmeesters underscores the importance of creating a workable system to prevent loopholes and ensure the credibility of the diamond trade amidst the changing regulations.
