Namibia Diamond Trading Company has shared president Nangolo Mbumba's concerns over the implications of new G7 regulations requiring all non-Russian diamonds destined for G7 countries to be routed through a single verification node in Belgium.He said this during his first meeting with King Philippe of Belgium in Windhoek last week.
"Namibia has a long-standing creditable record as a diamond-producing country in the international diamond industry and is fully capable of certifying its own diamonds as non-Russian," he said. "Namibia objects to this new requirement, as the country is fully capable of certifying its own diamonds and is concerned that the 'single rough node' approach would increase transaction costs to Namibia and reduce the competitiveness of Namibian diamonds in the international market," Hengari said in a press statement.
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