Bloody diamonds: experts predict the rise in prices for jewelry after banning diamonds from the Russian Federation

The cost of wedding rings is likely to fly through the suggested sanctions on Russian diamonds. Wedding rings have already become one of the most expensive purchases that many people do in their entire lives. But the price of them can jump sharply if the new rules aimed at terminating the trade in Russian diamonds come into force at the beginning of next year, experts warn. This is written by this is Money. On an average wedding ring with a diamond costs from $ 2 to $ 4,000.

However, the cost of gems can increase by ten percent or more according to the plans of the sanctions considered by G7, high -ranking sources in the industry told reporters. It can also increase the cost of other jewelry. Belgium has proposed to analyze diamonds to make sure they are not from Russia, and to download them into an online tracking system.

But this plan will lead to "significant" expenses for ordinary consumers, according to Ronny Vandeindenne, the President of the International Association of Diamond Manufacturers and the Vice President of the World Diamond Council. There are fears that stones will introduce additional taxes, and their analysis will cause delay in the supply chain - both will lead to an increase in prices for diamonds. Belgium claims that its rules will be better able to detect Russian diamonds than others.

"The G7 plan proposed by Belgium for sanctions against Russian diamonds will undoubtedly hit jewelry if it is implemented," Vandeindent said. "This will increase costs - we will ultimately have to shift additional costs to the consumer. This means that we expect that the prices for diamond jewelry will increase significantly if the" big seven "implements this plan," he said.

Although experts agree that Russia should be sanctioned after invasion of Ukraine, they claim that alternative schemes have not been fully considered. Russia is the largest diamond producer in the world, and among other countries includes Botswana in southern Africa, Canada, the Democratic Republic of Congo and South Africa.

African diamond -producing countries, such as Botswana and South Africa, are especially concerned that additional costs and delays can cause irreparable damage to their economy. Although they support sanctions, they say that this tracking strategy and sales restriction will do more harm than good. Belgium also has the greatest interest in this field in the European Union, as the city of Antwerp is a major center of diamond.

Billions of lbs of diamonds pass through this area and are sold there every year. Belgian officials stated: "Despite the current sanctions today in the United Kingdom and the US, Russian" bloody diamonds "continue to come to the western markets. The proposal put forward by Belgium, aimed at terminating all possible bypass scheme In fact, putting an end to the financing of war in Ukraine through the trade in Russian bloody diamonds.