Jewelers of America Leads Delegation to Washington to Address Concerns Over Russian Diamond Import Restrictions
In a bold move to protect the U.S. jewellery market, Jewelers of America (JA) recently spearheaded a delegation to Washington, D.C. to address significant concerns about the G7’s proposed import restrictions on Russian diamonds. The delegation, led by JA President & CEO David J. Bonaparte, brought together key industry stakeholders and top lawmakers to discuss the potential ramifications of the proposed restrictions.
The group included industry heavyweights such as Jon Bridge of Ben Bridge Jeweler, Dave Meleski of Richline Group, Matthew Swibel of Signet Jewelers, and Ronnie VanderLinden of the Diamond Manufacturers Importers Association of America. Together, they voiced their support for efforts to keep Russian diamonds out of the supply chain, while also expressing reservations about the potential negative impact of the proposed restrictions on the global diamond and jewellery supply chain.
Bonaparte emphasized the importance of minimizing disruptions to the U.S. diamond industry, particularly in light of the more stringent U.S. Customs and Border Patrol requirements that recently went into effect. He expressed concerns about the potential adoption of an exclusive physical verification and certification system in Belgium for all rough diamonds, warning that it could cause maximum damage to the supply chain with minimal effect on Russia’s diamond revenues.
During their visit to Washington, the delegation met with a bipartisan group of lawmakers to highlight the potential supply chain disruptions and increased costs that American consumers could face as a result of the proposed restrictions. With American consumers representing over 50% of the global jewellery market, the delegation stressed the importance of finding a balanced solution that protects the industry while also considering the interests of consumers.
