In the wake of Russia’s invasion of Ukraine, Antwerp’s diamond trade, the epicenter of the global rough diamond market, faces a significant shift. Thierry Tugendhaft, an Antwerp-based diamond dealer, recounts the swift calls from major Parisian jewelers, urging a halt to Russian stone supplies.
As Western powers consider an official ban on Russian diamonds, global jewelers, from Tiffany’s to Cartier, are distancing themselves from Russia’s lucrative diamond trade. Russian rough diamond imports have plummeted to less than 5% of pre-war levels.
Thierry Tugendhaft’s company, T. Diamonds BVBA, swiftly adapted, transitioning its diamond sources predominantly to Canada and select African countries. This move aligns with Belgium’s active push for a ban on Russian diamonds in Western markets.
The challenge lies in tracing the origin of stones. Proposals under consideration focus on traceability, with Tugendhaft emphasizing the importance of advanced technology. His company employs a helium scanner and blockchain ledger, ensuring a meticulous record of every stage in diamond processing.
While ethical considerations loom large, the industry grapples with the intricacies of tracing smaller stones. Most proposals currently center on rough diamonds of 1 carat and above. Antwerp, with its historical significance in the diamond trade, remains a crucial hub, and the industry faces the task of balancing global trade dynamics amid evolving geopolitical scenarios.
Explore how Antwerp’s diamond industry navigates these changes, reshaping the landscape of the global diamond market.
