this will be very good for BDM as it will cut about 30% of the world diamond supply, enjoy
FROM FINANCIAL TIMES The EU is set to move ahead with a long-stalled ban on Russian diamonds next week after securing sufficient backing from the G7 group of developed nations, according to the bloc’s foreign policy chief. Diamonds are one of the few major Russian exports still untouched by EU sanctions imposed in response to President Vladimir Putin’s full-scale invasion of Ukraine last year, due to extensive wrangling over how any embargo would work effectively. Josep Borrell, the EU’s chief diplomat, told the Financial Times that a two-day meeting of G7 foreign ministers in Japan that ended on Wednesday gave support to the move, clearing a critical hurdle that European countries including Belgium — one of the world’s largest diamond traders — had demanded.
Russia is the world’s largest producer of rough diamonds by volume, with exports totalling $4bn in 2021, according to trade statistics. More than 80 per cent of global rough diamonds are traded through dealers in Antwerp.
BDM Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
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