The art of the deal

According to the published plans, by September, the G7 expects to have established a certification system that will require the world’s polished diamonds to be sent through Antwerp, Belgium for certification first, before being allowed to trade within the G7.

The idea is to squeeze Russian stones out of the global diamond market in order to stop these revenues from funding Moscow’s war against Ukraine. The G7, of course, represents the world’s richest countries which are also, naturally, the dominant market for diamonds. While robust and creative marketing over the past 150 years has created the allure of diamond jewellery, the actual value of the precious stones comes from what the consumers in the rich countries have agreed to pay over these years.