De Beers, the diamond mining and trading company, has proposed a plan to widen the certification scheme for diamonds to include other countries in verifying diamonds as non-Russian. This proposal has sparked intense lobbying efforts that could potentially delay the implementation of the certification scheme.
According to reports, Ms Wade-Smith, who is banned from lobbying British officials, has been in contact with other governments to push for the expansion of the certification scheme since taking on the position in February. Her previous roles in the US and as Britain’s trade commissioner to Africa have given her extensive government contacts relevant to the diamond trade.
While the proposal is supported by diamond companies on the World Diamond Council and some African producers, experts warn that entrusting other countries to verify the origin of diamonds could lead to an increase in illegal Russian diamonds entering the West.
Hans Merket, an expert in the diamond trade, believes that without agreement on the ultimate objective of controls, allowing additional countries to verify the origin of diamonds could create weak links in the chain that are susceptible to exploitation. He argues that the proposed solution, based on trust rather than evidence, leaves room for manipulation.
The industry is divided on the issue, with some supporting the expansion of the certification scheme and others concerned about the potential risks it poses. The outcome of the lobbying efforts remains uncertain as stakeholders continue to push for their preferred approach to verifying the origin of diamonds.
