G7 Sanctions are Lose-Lose, say African Producers

African diamond producers believe the latest G7 penalties will result in a “lose-lose situation.”All diamonds bound for the EU will be routed through a single entry point in Antwerp, creating “a logistical nightmare for producer countries,” according to Lefoko Moagi, Botswana’s minister of natural resources, speaking to the African Diamond Producers Association in Zimbabwe.

The ADPA represents 19 countries, including Botswana, Angola, the South African Republic, the Democratic Republic of Congo, Zimbabwe, and Namibia, which collectively generate 60% of the world’s diamonds.

“We are an independent continent, and those from other countries must speak to us as equals and respect us,” Zimbabwe President Emmerson Mnangagwa (pictured) addressed the gathering.He chastised Western governments for failing to consult African countries on how sanctions are applied. “Restrictions on the trade being imposed by some market players are unacceptable,” he told reporters.

The ADPA has previously warned that the G7 Diamond Protocol would bypass, undercut, and replace the current Kimberley Process Certification Scheme (KPCS), imposing a new set of restrictions on the worldwide diamond trade.

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