As the countdown to the 2024 CIBJO Congress in Shanghai continues, the industry is closely examining the impact of geopolitical events on the diamond trade. The latest pre-Congress Special Report, released by the CIBJO Diamond Commission, delves into the complexities of government-imposed sanctions, new ISO standards, and the importance of responsible supply chain terminology.<\/p>\n
The report, led by Udi Sheintal, President of the CIBJO Diamond Commission, highlights the challenges faced by the industry due to geopolitical tensions. The imposition of sanctions on Russian diamonds, following the invasion of Ukraine, has caused significant disruption to the market. Sheintal called out the \u201ckneejerk response\u201d of politicians who implemented these measures without fully understanding the industry’s dynamics.<\/p>\n
Despite the initial chaos and uncertainty, the report suggests that a sense of equilibrium is slowly returning. However, Sheintal emphasises the importance of open communication between governments and industry stakeholders to avoid future disruptions.<\/p>\n
The report also discusses the development of new ISO standards for the evaluation of smaller polished diamonds. These standards, formulated with CIBJO’s involvement, aim to provide clear guidelines for the identification, description, and grading of all gem-quality diamond products.<\/p>\n
Additionally, the report addresses the issue of misleading marketing claims made by laboratory-grown diamond traders. The Natural Diamond Council has been actively working to combat these claims and ensure consumer trust in natural diamonds.<\/p>\n
The report explores the need for a standardised lexicon to describe responsible supply chains. The CIBJO Responsible Supply Chain Nomenclature Committee is working to develop a clear and consistent terminology that aligns with industry standards and raises transparency.<\/p>\n","protected":false},"excerpt":{"rendered":"
As the countdown to the 2024 CIBJO Congress in Shanghai continues, the industry is closely examining the impact of geopolitical events on the diamond trade. The latest pre-Congress Special Report, released by the CIBJO Diamond Commission, delves into the complexities of government-imposed sanctions, new ISO standards, and the importance of responsible supply chain terminology. The…<\/p>\n","protected":false},"author":1,"featured_media":27756,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-27755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n