As the 2024 CIBJO Congress in Shanghai approaches, the industry is constantly monitoring the impact of geopolitical developments on the diamond trade. The latest pre-Congress Special Report from the CIBJO Diamond Commission goes into the complexity of government-imposed penalties, new ISO standards, and the significance of responsible supply chain terms.
The report, led by Udi Sheintal, President of the CIBJO Diamond Commission, focuses on the issues the industry faces as a result of geopolitical tensions. The implementation of restrictions on Russian diamonds following the invasion of Ukraine has significantly disrupted the market. Sheintal criticized legislators for their “kneejerk response” in implementing these measures without fully knowing the industry’s dynamics.
Despite the initial confusion and uncertainty, the study indicates that a feeling of balance is gradually returning. However, Sheintal emphasizes the significance of open communication between governments and industry players in order to prevent future disruptions.
The paper also discusses the creation of new ISO standards for assessing tiny polished diamonds. These standards, developed with CIBJO input, seek to establish unambiguous rules for identifying, describing, and grading all gem-quality diamond goods.
The research also covers the issue of false marketing claims made by lab-grown diamond sellers. The Natural Diamond Council has been actively striving to counter these falsehoods and restore consumer confidence in natural diamonds.
The report looks into the need for a standardized terminology to characterize responsible supply chains. The CIBJO Responsible Supply Chain Nomenclature Committee is trying to create clear and uniform nomenclature that meets industry standards and promotes openness.