Antwerp’s diamond industry is facing an unprecedented crisis as trade reaches a historic low, according to Gazet van Antwerpen. Imports of rough diamonds into Antwerp have dropped by

38% in the past year, marking a sharp decline that appears to be part of a long-term trend.

Over the past decade, Antwerp’s imports of rough diamonds have plummeted by 70%, and the trade in polished diamonds is also at a historic low. Currently, the diamond sector in Antwerp includes around 1,600 companies, employing roughly 6,000 people.

“Not for much longer,” warns an anonymous diamond trader, who believes that within five years, Antwerp’s diamond sector could largely vanish. “Many jobs have already been lost,” added another industry expert.

One of the key factors driving this decline is the European ban on Russian diamonds, which has not significantly impacted Russia, as it has redirected sales to countries like Dubai and South Africa.

But the challenges are also structural. Synthetic diamonds, which can cost up to ten times less than natural diamonds while appearing identical to the naked eye, have surged in popularity. Additionally, the Antwerp diamond industry relies heavily on demand from China and the United States, where recent declines in purchasing power have strained the market. Belgium's regulatory framework also deters some dealers from operating in the country.

While the industry is expected to shrink considerably, experts predict it may not disappear entirely. Antwerp has built a reputation for transparency, avoiding blood diamonds and Russian stones. As this transparency gains importance among major jewelers, Antwerp may still retain a niche in the global market. Photo by Thorsten1997, Wikimedia commons.