Belgian PM Pushes for G7 Sanctions

By John Jeffay / September 26, 2023 / www.idexonline.com / Article Link

(IDEX Online) - Antwerp is calling on the jewelry sector to support its calls for G7 sanctions on Russian diamonds.Belgian Prime Minister Alexander De Croo (pictured) told industry representatives that Russian diamonds have "become a symbol of war and human rights violations".Speaking last week at the Belgian Consul General, in New York, he said: "The G7 wants to reduce Russian diamonds revenues. As the leading diamond trading hub, Belgium has a responsibility to contribute to its success."De Croo had, until recently, opposed sanctions, claiming they would harm Antwerp, and the rest of Europe, more than Moscow, and the Antwerp World Diamond Centre (AWDC) said it could cost 10,000 jobs in the city.However, De Croo is now backing G7 sanctions, backed by a traceability solution that incorporates existing technology  and that would likely route diamonds through Antwerp for verification.The G7 countries - Canada, France, Germany, Italy, Japan, the United Kingdom, the US (and the EU) account for 70 per cent of global diamond sales.They are widely expected to announce sanctions to take effect on 1 January 2024.

Recent News

Gold stocks decline as metal price drops

June 29, 2026 / www.canadianminingreport.com

Tech takes a hit on South Korea semiconductor decline

June 29, 2026 / www.canadianminingreport.com

Gold stocks rise even as metal drops for second week

June 22, 2026 / www.canadianminingreport.com

Base outperform precious metals in slowdown from 2025 boom

June 22, 2026 / www.canadianminingreport.com

Mining stocks not looking expensive versus returns

June 15, 2026 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok