https://www.thenationalnews.com/
Rules of the game are being rewritten and industry actors are jostling for influence after Russia diamond ban triggers upheaval in historic Belgian district
From the corner where the International Gemological Institute stands on one side and the Diamond Bourse on another, as far as the eye can see, the outlets at the heart of a historic Antwerp district have long inspired awe for the sheer concentration of a global trade in the most valuable cut stones.
Within a few minutes’ walk are dozens of gems dealers braced for upheaval as the wind of change blows. The latest ban on Russian diamonds by the group of seven (G7) countries has caused what many have described as nothing less than a “revolution” in the centuries-old diamond hub.
Highly rated for the quality of her work and collaborative style, and one of a few jewellers in the world who use a rare yellow diamond from Sierra Leone, Ilana Brandwain seems unfazed, preferring to move with a shift in how customers make their choices. “I’m not afraid of change,” she tells The National, speaking in her office in Antwerp’s largest diamond bourse. Its main room was designed over a century ago with high windows so that light from the north could help traders examine diamonds under their magnifying glasses.
For the rest of this article: https://www.thenationalnews.com/news/europe/2024/05/03/diamonds-may-not-be-forever-belgiums-grip-on-gems-shaken-by-russian-sanctions-drive/