G7 jets in but diamonds remain in jeopardy :: Mmegi Online

Local diamonds face a tricky few months as the world’s richest countries who represent the precious stones’ market finalise a system that could unintentionally cripple the local industry. A G7 technical team that toured the industry this week, left without any assurances. MBONGENI MGUNI writes

If the local industry was looking for assurances from the Group of Seven (G7) technical team that was in the country week, then many were sorely disappointed. After wide-ranging consultations in the country this week, including visits to the world-famous mines and the state-of-the art facilities in Gaborone, the technical team was non-committal on what feedback they would give their principals in the G7.

The G7, which comprises the United States, the United Kingdom, the European Union and other industrialised states, is set to adopt tough new rules to stop Russian stones from entering the global diamond industry. Russia is the world’s largest producer of rough diamonds by volume and while the US long imposed sanctions due to the invasion of Ukraine, Moscow’s diamonds continue to freely trade in the market and into the US.

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