By Marc Menendez-Roche •
Updated: 29 Nov 2024 • 9:04 • 3 minutes read
The streets of Antwerp, once crowned the diamond capital of the world , are losing their lustre, and it s not just time that s taking its toll. President Duma Boko of Botswana has warned that lab-grown diamonds are wreaking havoc on Belgium’s iconic diamond trade, with the knock-on effects threatening to snuff out a centuries-old industry.
Belgium s diamonds under threat
President Boko, speaking at the annual FACETS diamond sector conference in Antwerp this week, didn’t mince his words. “They’re no good at all,” he said of synthetic diamonds. “Maybe for drill bits, but on someone’s finger? That should be the preserve of the natural.”
Synthetic diamonds, cheaper and more environmentally friendly than their mined counterparts, are big money in markets like the US traditionally one of Belgium’s biggest customers. With the trade already grappling with stiff competition from India and Dubai, it seems Belgium’s diamond crown is slipping.
In 2014, Belgium’s diamond imports and exports dazzled at €15 billion. Fast-forward to 2023, and that figure has almost halved to €8.5 billion. Since January, not a single month has recorded positive growth in the diamond trade a gloomy prospect for the 1,600 companies and 6,000 jobs still clinging on in Antwerp.
The sector will ‘vanish in five years’
The diamond trade, which has kept Antwerp shining bright since the 16th century, now faces a critical crossroads. Traders warn that without intervention, the sector could vanish entirely within five years.
Outgoing Belgian Prime Minister Alexander De Croo met with President Boko on Wednesday, November 27, to discuss the crisis. Botswana, which accounts for 80% of its exports and a quarter of its GDP through diamond revenues, is keen to see Antwerp thrive. “Belgium is one of the headquarters of the diamond industry,” President Boko said, adding that a strong relationship between the two nations is vital.
A diamond is forever if marketed right
President Boko and diamond industry leaders are pushing for a $200 million annual marketing blitz to save natural diamonds from the rise of lab-grown alternatives. The proposed campaign would be similar to the generic advertising campaigns used to promote milk across Europe.
Karen Rentmeesters, CEO of the Antwerp World Diamond Centre (AWDC), said: “At a time when synthetic diamonds are taking our market and prices are falling, we need to work together. She suggested that putting money into a collective pot for generic marketing could be the answer.
Boko echoed this sentiment, emphasising the human element of natural diamonds. “The natural has a story behind it, flesh and blood behind it. When you buy it, you’re participating in a movement to transform lives,” he said, highlighting Botswana’s success in using diamond revenues to uplift its people.
India, Dubai, and Russian sanctions chipping away
It’s not just synthetic diamonds dulling Antwerp’s sparkle. Labour-intensive diamond processing has largely shifted to India, where cheaper labour costs have taken a chunk out of Belgium’s competitiveness. Meanwhile, Dubai has risen as a new global player, and Russian diamonds, boycotted by the EU, are now finding a home there instead.
Adding to the challenges is Belgium’s own bureaucracy. Antwerp remains the only checkpoint for rough diamonds potentially originating from Russia a burden the local industry says it can’t shoulder alone. Relief may be on the horizon, with Botswana set to open a second export control checkpoint, supported by the AWDC.
The future of diamonds
As lab-grown diamonds gain ground, Antwerp’s natural diamond trade faces a do-or-die moment. Will a slick marketing campaign be enough to restore its former shine, or is the once-sparkling city destined to lose its crown? Only time will tell if Antwerp can outshine its competition or if the diamond capital will be left in the rough.
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Written by
Marc Menendez-Roche
Marc is a writer, teacher, and language enthusiast with a passion for making complex topics simple and accessible.
With a background in business and legal communication and an interest in educational neuroscience, Marc has spent over a decade teaching and writing.
Now, as part of the team at Euro Weekly News, Marc enjoys diving into entertaining topics and stories that matter to the community.
When he’s not writing, Marc loves practising martial arts, playing football, cooking up a storm in the kitchen, or spending quality time with friends and family, but above all, Marc enjoys spending time with his son, Macson.
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