Africa condemns G7 restrictions on rough diamonds trade

AFRICAN diamond producers have condemned proposed unilateral restrictions imposed by the Western Group of 7 (G7) countries on trade in rough natural diamonds from Russia and developing countries.

The G7 is an intergovernmental political and economic forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, plus the European Union, which is an eighth “non-enumerated member”.

It provides global leadership for the western bloc and serves as an influential catalyst on issues that are later taken up by other forums with broader global and regional following.

Russia joined the G7 in 1997, but was suspended in 2014, and following the special military operation in Ukraine, G7 leaders responded in January this year by effecting

a ban on the import of Russian rough diamonds or polished diamonds of one carat or heavier, processed in developing countries, from being traded in its market.

The ban did not apply to industrial and personal jewellery of individuals crossing the border.

Russia is the world’s rough diamond giant, producing more than 41 million carats (8,2 tonnes) a year followed by Botswana at 24 million carats (4,8 tonnes) while Canada is third at 16 million carats (3,2 tonnes) and is the only G7 country in the top 20 of rough diamond producing countries where Africa dominates.

Zimbabwe is the 7th ranked producer at over four million carats (0,8 tonnes) after the DRC in fourth, South Africa in fifth and Angola in sixth place.

Namibia, Lesotho and Sierra Leone complete the top 10 list. Russia attended the 9th Meeting of the Council of Ministers of the African Diamond Producers Association (ADPA) in Victoria Falls last week as an observer in solidarity with African producers.

Officiating at the conference, President Mnangagwa, who was the guest of honour, bemoaned the proposed unilateral restrictions on the trade of natural diamonds being imposed by some markets and implored member states to protect natural diamonds from the threat of synthetic lab diamonds.

He called for co-operation and solidarity among member states for their voices to be heard as Africa produces over 60 percent of the world’s rough diamonds.