The Antwerp World Diamond Centre (AWDC) has called on the Belgian government to improve the operating environment for the diamond industry, following what it described as a “crisis” year for the sector.
Belgium’s total diamond import and export figures fell by 25% in 2023, driven by “significant economic factors” that impacted both domestic and global markets, the AWDC reported.
“The diamond industry is facing a severe global crisis,” said Karen Rentmeesters, CEO of AWDC. “Internationally, the sector is caught in a perfect storm, with weak consumer markets, growing competition from synthetic diamonds, and historically low demand for natural diamonds leading to rock-bottom prices.
These issues, combined with geopolitical tensions and G7 sanctions on Russian diamonds, have significantly affected the Belgian diamond industry.”
The AWDC emphasized the need for government support to attract international companies seeking to relocate to Belgium. However, such efforts are hindered by several challenges, including:
- Difficulties in opening local bank accounts due to restrictive banking policies.
- Obstacles in obtaining work visas for foreign employees with specialized expertise.
- Visa requirements that prevent international traders from accessing their goods.
- Inefficiencies at the Diamond Office, leading to delayed shipments and fines.
Despite these setbacks, the diamond industry remains a vital part of Belgium’s economy, employing approximately 3,500 people.
“A supportive government that fosters entrepreneurship can help reverse the negative trends affecting the sector,” Rentmeesters stressed. “With such policies, we are ready to play our part in revitalizing the industry.”
