Antwerp, the historic diamond district, is facing a tumultuous period as the winds of change blow through its gemstone-adorned streets. The recent ban on Russian diamonds by the G7 countries has sparked what many are calling a “revolution” in the age-old diamond hub.
Renowned jeweller Ilana Brandwain remains undeterred as customers shift their preferences in the wake of these sanctions. Embracing change, she believes transparency in the diamond sector is crucial for both Antwerp’s reputation and consumer trust.
The ban, a response to Russia’s invasion of Ukraine, has set off a domino effect impacting not only Russia and the West but also African diamond-producing countries and other major hubs like Dubai and Mumbai. The pressure is now on the G7 to find innovative solutions to reshape the diamond trade.
Antwerp, the only G7 diamond hub, is poised to become the primary entry point for rough diamonds into the market, a move that has stirred controversy among African countries and industry stakeholders. The transition to a more transparent and ethical diamond trade model is described as a “massive restructuring” by industry experts.
With the future of the diamond trade hanging in the balance, the G7 faces challenges from all angles as it navigates the complexity of enforcing the Russian diamond ban. The deadline for implementation looms, and the world watches Antwerp’s diamond district undergo a transformation not seen since the Kimberley Process era.
