WFDB mobilizes industry for G7 diamond restrictions

The World Federation of Diamond Bourses (WFDB) has launched a campaign to unite the industry in presenting its concerns regarding the proposed G7 restrictions on diamonds.

The WFDB has sent out a letter (attached) today to the G7 and EU government representatives, detailing the challenges that the “one import node” solution creates for the industry. In addition to the signature of Yoram Dvash, President of the WFDB, the letter has been signed by Feriel Zerouki, President of the World Diamond Council (WDC), Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council of India (GJEPC), and Ronnie Vanderlinden, President of the International Diamond Manufacturers Association (IDMA).

Presidents and members of the 27 diamond bourses within the WFDB and members from all sectors of the trade will also be invited to add their names.

The letter states: “We the undersigned, representing all segments of the diamond and jewellery industry, including organizations that are based in the G7 jurisdictions, call upon the G7 member states to hear our concerns over the proposal being developed by its experts to restrict Diamonds of Russian origin (natural or synthetics) rough, polished or set in jewellery, from the G7 member states.

While strongly agreeing that the time has come for the industry to be able to trace the origin of their diamonds, we should be working together to meet these objectives but feel that the process, that has been suggested, will cause irreparable harm to the non-Russian industry.

WFDB President Yoram Dvash said, “With the current legislation enacted by the G7 countries, the WFDB has been working hard to find a consensus within the industry regarding the situation we find ourselves in. Sanctions should work in the right direction, punishing the intended party and not the entire industry.”

Dvash added that he was hopeful that additional organizations and wider members of the trade would sign the letter. Diamond and jewelry industry members are invited to add their names to the letter via this link.

“The G7 must understand that the direction they have chosen will cause great damage to the world diamond industry. We hope that the concerns we are voicing will convince the G7 governments that an alternative solution must be found.”

Stated four names are, Gem & Jewellery Export Promotion Council, World Federation of Diamond Bourses,

World Diamond Council & International Diamond Manufacturers Association.

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