Jewelers of America (JA), the U.S. national trade association for the fine jewellery industry, recently led a delegation to Washington, D.C., addressing significant concerns about the G7’s proposed import restrictions on Russian diamonds. This initiative brought together key industry stakeholders and top lawmakers to discuss the potential ramifications for the U.S. jewellery market.
JA President & CEO David J. Bonaparte represented the organisation and led the group consisting of Jon Bridge, Chair/Counsel Emeritus of Ben Bridge Jeweler; Dave Meleski, President & CEO of Richline Group; Matthew Swibel, VP, Sustainability and Social Impact of Signet Jewelers; and Ronnie VanderLinden, immediate past President of Diamond Manufacturers Importers Association of America and President of International Diamond Manufacturers Association.
JA said it continues to staunchly support efforts that will keep diamonds of Russian origin out of the supply chain, including the more stringent U.S. Customs and Border Patrol requirements that went into effect on 1st March. However, the proposed adoption of an exclusive physical verification and certification system in Belgium for all rough diamonds would cause maximum damage to the global diamond and jewellery supply chain, while having minimal effect on Russia’s diamond revenues.
Bonaparte said, “JA has been working tirelessly behind the scenes and this visit to Washington, D.C. was a critical step to ensure we minimise unnecessary disruptions to the U.S. diamond industry. We are very concerned about the additional requirements that could take effect on 1st September – including adopting a European Union proposal that would force all G7/U.S.-bound diamonds of a half a carat and above through a single import channel in Belgium.”
The delegation met with a dozen Democratic and Republican lawmakers, focusing on the potential supply chain disruptions and increased costs to American consumers, who represent over 50% of the global jewellery market.