Belgium is set to lose its status as a global center for diamond trading after sanctions were imposed on precious stones from Russia, said Artjom Studenikov, director of the first European department of the Russian Ministry of Foreign Affairs, in an interview with RIA Novosti.
„Refusing to trade Russian precious stones will undoubtedly lead to Belgium ceasing to be a global center for diamond trading, so other countries far from Brussels will take on leading roles in this,“ Studenikov said.
In his opinion, Brussels is still trying to create a „protection network“, insisting that the embargo be extended to a global level. However, the Russian diplomat stated that the Belgian diamond lobby is already openly saying that there will be a loss of thousands of jobs and a third of trade turnover.
„International banks are reviewing their credit policies and consider diamond business in Antwerp to be problematic, which is why they are closing their branches,“ Studenikov emphasized.
In such conditions, companies are rather moving to other countries, whose authorities do not prohibit mutually beneficial cooperation due to the political interests of third countries, he added.
„When we make decisions on measures that respond to hostile moves, we always focus on how to effectively protect the interests of our country, but also ensure the sustainability of the global diamond industry as a whole,“ Studenikov concluded.
The ban on the import of diamonds from Russia to the EU and G7 member states came into force on January 1, 2024, and from March 1, G7 countries will begin a gradual restriction of the import of diamonds from the Russian Federation processed in third countries.
In order to ensure the functioning of the ban, a mechanism for monitoring and certification is planned to be created by September. Moreover, Belgium, home to the largest diamond trading and processing center – Antwerp – will play a key role in the implementation of these sanctions.
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