Antwerp's Diamond Industry Faces Crisis Amid Sanctions

Antwerp, once the epicenter of the global diamond trade, is reeling from significant losses due to EU sanctions on Russian diamonds, which previously comprised over 35% of its imports. In 2024, the city's diamond trade plummeted by 25%, with industry leaders calling for urgent government support to navigate this existential crisis. The Antwerp World Diamond Centre reports that rough diamond imports have dropped by 35%, leading to layoffs and a demand for streamlined regulations to revive the sector. As competitors like Dubai rise, Antwerp must adapt or risk losing its status as a diamond hub. 

 

Source: TASS, EU Today, Idex Online