On September 20, 2023, Belgian Prime Minister Alexander De Croo called upon the jewelry sector to take the final step in ensuring the success of the diamond initiative he has proposed.

This initiative, submitted to the G7, aims to prevent Russian diamonds from entering the market.

Despite the role of Russian diamond sales in funding its war in Ukraine, no sanctions have been imposed on Russia to restrict diamond trade, partly due to Antwerp's status as the global hub for trading rough and polished diamonds.

The countries involved have been working on a mechanism to trace diamonds and prevent Russian gems from infiltrating the markets of the G7 nations, including the United States, Canada, Germany, France, the United Kingdom, Italy, Japan, and the European Union. This tracing system is nearing completion.

De Croo addressed leaders of the jewelry industry at the Belgian Consul General's residence in New York, urging them to finalize the initiative. He emphasized that "Russian diamonds have become a symbol of war and human rights violations" and stressed the importance of collaborative efforts to achieve full transparency. He called for the implementation of the system by January 1, 2024.

The proposed traceability protocol would utilize various verification mechanisms, including the Kimberley Certificate, an international certification system established in 2003 to curb the trade in conflict diamonds. All of these mechanisms would be secured using blockchain technology.

If successful, the system is expected to eliminate Russian diamonds from the market and increase the prominence of diamonds from African sources. Photo by European Commission, Wikimedia commons.