De Beers, a prominent global diamond company, is urging G7 leaders to engage in discussions with governments and industry leaders in major diamond-producing and processing nations. This appeal aims to break the longstanding deadlock surrounding the planned ban on Russian diamonds set to take effect in 2024.
Throughout this week, G7 countries will deliberate on four distinct proposals presented by Belgium, India, a French jewelry industry group, and the World Diamond Council. The complexities surrounding these proposals have hindered the ban’s progress, despite its inception in 2022 as a response to Russia’s invasion of Ukraine.
Russia holds a significant position as the world’s largest producer of rough diamonds, contributing approximately 30% to the global market.
In a compelling letter addressed to G7 leaders, De Beers, a subsidiary of the diversified miner Anglo American, emphasizes its dedication to resolving this intricate matter. De Beers has actively participated in discussions with government representatives and industry stakeholders, particularly in alignment with the World Diamond Council’s proposal.
De Beers’ Chief Executive, Al Cook, succinctly articulates the situation, stating, «Throughout our discussions, two things have become abundantly clear: the ‘why’ behind this endeavor is evident, but the ‘how’ remains a formidable challenge.»
De Beers fervently implores the G7 to broaden the dialogue and engage in collaborative conversations with governments and industry stakeholders in key diamond-producing nations like Botswana, Namibia, South Africa, and Angola. Furthermore, the involvement of key cutting centers such as India is also paramount to ensure a comprehensive and effective resolution.
