US may allow 'self-certification', India, Africa resist EU diktat
Russian diamonds from the world’s affluent markets, a confused, volatile trade is feeling the pulls and pressures: a rigid rule pushed by Europe to probably regain its waning influence; the emerging voices of Africa and India opposing it; and, a new, different plan mooted last week in America, the largest market, which could make life easier for the trade amid the chaos of geopolitics.
Trade sources told ET there was a glimmer of hope following a meeting last week between a US government official and the country’s leading jewellers who import diamonds mined across the world and polished in India and other countries.
“It was indicated at the meeting that America could accept `self-certification’ from its jewellers that the diamonds imported into the country have no Russian links. Here, the process could be similar to the one applicable for American firms importing fish and seafood," said a senior industry person.
These businesses, according to the US customs regulation in the wake of sanctions against imports from Russia, must self-certify that fish, seafood and seafood containing products imported into the US do not contain any inputs originating from Russia.
“A self-certification system would be different from, and therefore more acceptable than, what the European Union is insisting on,” said the person. The EU wants a central body in Belgium to have the sole authority to certify that a diamond, which may have been polished in Surat, was not mined in Russia. The regulation has been questioned by African
