Belgian Diamond Industry May Fall Victim to Russian Sanctions

The Wall Street Journal reported this past weekend that the threat of European sanctions on Russia’s diamond exports has those involved in Belgium’s diamond industry a little concerned.

As quoted in the market news:

European officials have flagged Russia’s diamond exports as one of several economic sectors that could be hit with sanctions should eastern Ukraine descend further into turmoil. Western officials accuse Russia of fomenting the violence, and have said any disruption of Sunday’s presidential election could be the trigger for such broad measures.

The threat has unnerved Antwerp’s diamond district, which stretches for several blocks near the central train station, packed with the fortified offices of traders, bankers, cutters, polishers and retailers. Belgian officials have been pleading with other European nations to spare the diamond sector if the sanctions are activated.

Click here to read the full article from The Wall Street Journal.