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2023-12-08 Africa Subsaharan
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Deep Dive on Unanticipated Consequences of Sanctioning Russian Diamonds
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[JohnHelmer] The Diamond Crack-Up – Russia And The African States Defeat Us-Eu-Israeli Plan To Drive Russian Diamonds Out Of The Market
It has never happened before among the world’s diamond-producing and diamond-processing countries.
Meeting together last month in Zimbabwe in what is called the Kimberley Process (KP), the 57-member states refused to agree to the US and European Union (EU) attempt to exclude Russia, producer of half the diamonds in global trade. To camouflage the outcome of the fight, the KP delegates decided not to issue a communiqué. Without that, the rules of the meeting nullified all points of agreement which the Kimberley Process states had accepted during their two-day sessions.
This dramatic collapse of the Kimberley Process happened in Harare on November 10. The disagreement and deadlock came over a letter from the Kiev regime, backed by the US, the EU, Japan, and Canada (the G7 member states) to impose a full ban on the trade in Russian diamonds. The Ukrainian attempt was backed by intense pressure from the US State Department and by Jewish diamantaires in New York for the international diamond trade to accept the US Diamond Protocol, a scheme of registration, inspection, auditing, and certification enforced by US intelligence and Treasury agents, to prevent any Russian-mined diamond from entering the international diamond jewellery market.
Instead, what has happened is that the global diamond industry has been cracked in half by the sanctions war. The defeat of the so-called “western bloc” in Zimbabwe is big news in Africa and India. It has not been reported in the New York and London financial press.
Diamonds are now likely to follow oil, gas, coal, gold, and other commodities into parallel and competing global market operations. In the diamond war, however, the outcome is also going to backfire on the Israeli diamond industry and the traditional Jewish centres in Antwerp, Belgium, and New York City, which have combined to take sides against Russia. In time, they will be replaced by the Arabs, Indians, and perhaps the Chinese.
The Israelis don’t think so. They are calculating that in the short run they will gain from the recovery of diamond prices when the shortage of Russian supplies hits much harder than it has to date. A source in Antwerp reports “absolutely no backlash [against the Gaza war] here from any of the five main diamond communities including the Lebanese. The Israeli industry has been declining for many years anyway, especially manufacturing – it’s uncompetitive with the Indians — but also trading. There is no diamantaire sympathy with any Arab country (or Iran). I hope and believe business rises above the political nonsense.”
The Kimberley Process, first created in 2003 to stop “blood diamonds” from entering the market from the genocidal wars of western Africa, is about to be confronted by blood diamonds from Israel.
The story of the US attempt to start sanctions against Russian diamonds from the US and its allies began here when the Belgian government was resisting to save the multi-billion dollar Antwerp diamond business. 
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Posted by Slenter Panda4300 2023-12-08 00:00||
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