Antwerp: With a formal response, the AWDC Board of Directors, with Isidore Mörsel as Chairman, reacted to media reports concerning the resignation of Ari Epstein as CEO of AWDC, and speculation about the reasons behind that resignation. The Board strongly denies that it opposes the measures taken by the Group of Seven to ensure that Russian diamonds no longer enter the G7 and EU markets.
“The entire Board of Directors of AWDC supports the principle of the sanction measures taken by the G7 and the elaborate control mechanism of the Belgian government, which will dry up the flow of money to the Kremlin from diamonds that serve as a source of financing for the war against Ukraine,” says Isidore Mörsel. There is no opposition from the Board of Directors towards the sanction’s measures. “The industry is in the midst of an unprecedented transformation. One that should lead to a more transparent diamond sector and the banning of conflict diamonds, which we are fully behind. This whole process towards more transparency within the diamond industry has been going on for a long time and is part of the daily reality of our business. Driven by the increasingly conscious buying behavior of the end consumer, transparency, sustainability, and ethics are now a priority for more and more companies that are part of the diamond supply chain. The process towards more transparency within the industry is being accelerated by the G7 sanctions, forcing all parties to adapt to it.”
“As the Board of Directors of AWDC, which as an organization represents the largest diamond center in the world and represents its interests, we must be vigilant about the workability of the control mechanism. And it is rather there that our concerns lie”, said Isidore Mörsel. Referring to the fact that the sanctions are necessary and justified, he says, there is no doubt. He is concerned about the manner in which the measures are being enforced and what consequences they will have, including for Antwerp as a world diamond center. Here he is referring to the trade of non-sanctioned goods, which will be impacted anyway by the introduction of the measures. “We need to ensure – together with the government – that we can fall back on a pragmatic and workable system for the entire industry, which should, among other things, ensure that diamond companies continue to regard Antwerp as the most important trading center. To such a plan, which achieves its goal – banning Russian diamonds and ensuring more transparency, from mine to finger – but does not harm other parties within the industry, we want to give our full cooperation as a partner of the Belgian government,” concludes Isidore Mörsel.
