Jeweller - March 2024

News
Unintended consequences: Diamond sanctions questioned
The world’s largest diamond mining company – the
De Beers Group – has expressed concern over
incoming economic sanctions against the Russian
diamond industry.
In December, the G7 nations - the US, the UK,
Canada, France, Germany, Italy, and Japan –
announced the introduction of a multi-stage
sanction process as punitive action against Russia
for the invasion of Ukraine.
The G7 detailed plans for a ‘diamond tracing’
system, which is expected to be introduced in
September. The specifics of the system are
unknown, with media reports suggesting that
Belgium may operate as a central hub for diamond
certification.
CEO Al Cook has urged the G7 to consider the
unintended consequences of such a system. Of
particular interest is the impact such a system may
have on the price of diamonds sourced from Africa.
"Effectively (African producers) would be forced to
send all their diamonds in one direction rather than
choosing. Ethical African diamonds would become
much more expensive," Cook told Reuters.
De Beers has recommended that the G7 coordinate
with Botswana, Namibia, South Africa, Angola, and
India to ensure that this certification system meets
the needs of critical contributors to international
trade.
"We understand and support the need for G7
sanctions on diamonds," Cook added.
"What's really important to us is that any sanctions
that are put in place achieve their desired effect
without creating terrible side effects.”
De Beers uses the blockchain program Tracr
to track its production. The company recently
published its first sales report of the year, outlining
increasing sales.
Australia’s
Largest
Sleeper
Earring
Wholesaler
REGISTER, SHOP & SAVE
halosleepers.com
Culture shift: British Museum displays stolen treasures
In an attempt to move on from recent controversy,
the British Museum is displaying ten recovered
items – including gemstones – that were stolen as
part of a long-running theft.
In August, the British Museum announced that
around 2,000 objects had been stolen, damaged,
or missing from its storerooms in one of the most
shocking stories of the year.
Around 350 items have been recovered to date, and
in a new exhibition dedicated to Ancient Roman and
Greek culture, 10 of these items will be on display.
The new exhibition will showcase a further 500
objects that were not involved in the crime, with
previously stolen items in their own display case
and labelled.
Chair of the museum’s Board of Trustees, George
Osborne, told the BBC that the exhibition was an
example of ‘cultural change’ within the institution.
"We promised we'd show the world the gems that
were stolen and recovered - rather than hide them
away," he said.
It’s believed that the thefts took place over 20 years
and that the museum was alerted to the alleged
sale of stolen items in 2021 but failed to take action.
The museum was repeatedly alerted to the theft
by dealer and collector Ittai Gradel. Gradel said he
has been pleased with the recent efforts to recover
from the controversy.
"I am greatly pleased also to see that the whole
culture of the institution appears to be changing
to one of much greater openness and willingness
to confront problems than what I encountered in
2021," he said.
Following the controversy, director Hartwig Fischer
resigned, and former Victoria and Albert Museum
director Sir Mark Jones was appointed in the
interim.
The police investigation into the thefts is ongoing.
Located in London, the British Museum is more
than 260 years old.
HANDMADE
IN AUSTRALIA