The major trade association for the fine jewelry industry in the United States, Jewelers of America (JA), recently led a delegation to Washington, D.C., where they raised serious concerns regarding the G7’s proposed import limits on Russian diamonds. Leading legislators and members of the industry were gathered for this endeavor to talk about the possible effects on the US jewelry market.
CEO & President of JA The group included Matthew Swibel, VP of Sustainability and Social Impact at Signet Jewelers; Dave Meleski, President & CEO of Richline Group; Ronnie VanderLinden, President of the International Diamond Manufacturers Association and the immediate past President of the Diamond Manufacturers Importers Association of America. David J. Bonaparte led the group and represented the organization.
JA stated that it continues to strongly support measures to keep diamonds of Russian origin out of the supply chain, particularly the more stringent US Customs and Border Patrol procedures that went into effect on March 1st. However, the proposed implementation of an exclusive physical verification and certification system in Belgium for all rough diamonds would wreak havoc on the worldwide diamond and jewellery supply chain while having little impact on Russia’s diamond income.
Bonaparte stated, “JA has been working relentlessly behind the scenes, and our visit to Washington, D.C. was a key step in ensuring we limit unnecessary interruptions to the US diamond business. We are quite concerned about the extra rules that could take effect on September 1st, including the adoption of a European Union plan that would require all G7/US-bound diamonds weighing half a carat or more to be imported through a single channel in Belgium.”
The team spoke with a dozen Democratic and Republican senators, concentrating on the potential supply chain disruptions and increased costs for American customers, who account for more than half of the worldwide jewellery market.