Will Dubai Be The New Diamond Business Hub?

Antwerp in Belgium, the heart of the diamond business is witnessing an exodus of Gujarati diamond merchants. Traditionally based here, they are now opting for Dubai to evade intense scrutiny by Antwerp authorities on suspected Russian-origin diamond imports. This shift comes amidst EU and G7 sanctions imposed in response to Russia's Ukraine invasion. Tighter regulations are leading to arrests and confiscations, signaling ongoing turmoil.