The CIBJO Diamond Commission has released its latest pre-Congress Special Report, spotlighting critical industry challenges stemming from government-imposed sanctions, the introduction of new ISO standards, and the ongoing need for responsible supply chain terminology.
Led by Udi Sheintal, President of the CIBJO Diamond Commission, the report focuses on the impact of sanctions on Russian diamonds, imposed after the Ukraine invasion. Sheintal criticized the "kneejerk response" of policymakers, stating that these measures were implemented without a full understanding of the industry's intricacies, leading to major market disruptions.
While the diamond trade has faced significant upheaval, the report suggests that the situation is stabilizing, though Sheintal stresses the importance of collaboration between governments and industry players to prevent further disruption.
In addition to geopolitical issues, the report addresses the development of new ISO standards for evaluating smaller polished diamonds. These standards, which CIBJO helped formulate, will create clear guidelines for the identification, description, and grading of gem-quality diamonds.
The report also takes aim at misleading claims by laboratory-grown diamond traders. The Natural Diamond Council has actively worked to counter these claims and maintain consumer trust in natural diamonds.
Finally, the report underscores the need for standardised terminology when describing responsible supply chains. The CIBJO Responsible Supply Chain Nomenclature Committee is currently developing a consistent lexicon to enhance transparency and align with industry standards.
