Antwerp's rough diamond imports fell 35% in 2024
The G7 ban on Russian diamonds, effect Antwerp undeniable AWDC announced the Annual trade figures of the Antwerp Diamond Industry. The numbers confirm what we have all felt: the diamond industry is facing a severe global crisis. Geopolitical tensions, weak consumer markets, and competition from synthetics have led to historically low demand and prices. Antwerp, as one of the world's leading diamond trading hubs, has been hit particularly hard. The impact of the G7 ban on Russian diamonds, in effect since January 1, 2024, is undeniable. Before the war in Ukraine, over a third of all rough diamonds imported to Antwerp came from Russia. With these goods now absent, Antwerp's total rough diamond imports dropped by 35% in 2024. Overall, trade figures for the year declined by 25% compared to 2023, falling from $32.5 billion to $24.4 billion. "The industry is caught in a perfect storm," says Karen Rentmeesters, CEO of AWDC. "Sanctions, economic slowdown, a...