Antwerp's Diamond Industry Struggles Amid Loss of Russian Imports Due to Sanctions

2025-02-09 06:48:47

(MENAFN) Belgium's diamond industry, centered in Antwerp, is facing severe challenges due to the loss of Russian imports, exacerbated by Western sanctions, as reported by NZZ on Wednesday.

The European Union and G7 imposed a direct ban on Russian diamonds in January 2024 in response to the Ukraine conflict, followed by restrictions on indirect imports starting March 1. Soon after, the European Commission required all diamonds entering the EU to pass through Antwerp for verification.

This has led to a significant downturn in the Antwerp diamond trade, known as the world’s "Mecca" for diamond processing, where 90 percent of global diamonds are handled. Industry representatives are now calling on the government for assistance.

Figures from the Antwerp World Diamond Centre (AWDC) indicate that diamond imports and exports dropped by at least 25 percent in 2024 compared to the previous year.

The sanctions have particularly impacted Antwerp, as Russia is the world’s largest diamond producer, outpacing African nations like Botswana and Congo.

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