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Belgium Prime Minister Alexander De Croo has called on the G7 countries to support additional sanctions on the Russian diamond industry. | Source: Zeit
Belgium Prime Minister Alexander De Croo has called on the G7 countries to support additional sanctions on the Russian diamond industry. | Source: Zeit

Belgium PM demands widespread support of Russian diamond sanctions

Belgium Prime Minister Alexander De Croo has called on the G7 countries to support additional sanctions on the Russian diamond industry.

Addressing the Belgian consulate general in New York, De Croo said that diamonds have become a ‘symbol of war and human rights violations’.

"The G7 wants to reduce Russian diamond revenues,” he said.

“As the leading diamond trading hub, Belgium has a responsibility to contribute to its success."

Alexander De Croo, Belgium Prime Minister
Alexander De Croo, Belgium Prime Minister
"As the leading diamond trading hub, Belgium has a responsibility to contribute to its success."
Alexander De Croo, Belgium Prime Minister

Belgium has previously resisted proposals for sanctions against the diamond industry, fearing that they would harm Antwerp’s prominent diamond trade.

Earlier this year, it was reported that the G7 countries - Canada, France, Germany, Italy, Japan, the UK, the US, and the EU – would introduce a prohibition of diamonds mined in Russia. This ban is expected to come into effect on January 1.

“The G7 has a goal of banning Russian diamonds from the market,” De Croo told JCK Online.

“[We still must go] the final mile. We are extremely happy to play a role in this [effort]. We are a partner in this.”

GIA president Susan Jacques also spoke at the event and said the “EU proposal is the most robust of all the proposals currently in the market.”

Russia’s largest diamond mining company, Alrosa, has cancelled its next two upcoming allocations amid concerns about declining demand.

More reading
Expanded Russian diamond sanctions expected within weeks
Interruption or Disruption: Leadership crisis in the diamond industry
Crisis in Ukraine: New powers for the Responsible Jewellery Council
New Alrosa CEO sanctioned by US, sales slow for De Beers
Russian rough exports in decline
Questions raised about the impact of proposed US crackdown on Russian diamonds

 











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