|Posted on August 11, 2013 at 12:05 AM|
After an eight year battle with the European commission, the EU General Court
has rejected our case for the establishment of an open, free and competitive market for diamonds.
We need to examine closely the Decision of the Court and the arguments that were invoked, most probably the “lack of community interest” has been the predominant factor.
While it is clear that the diamond industry does not affect as many consumers as, say, a Microsoft does, there are millions of people worldwide working in the diamond and jewellery industry. For us as well as for tens of millions of consumers, the impact of an open system would have been beneficial.
To be sure the market has changed tremendously in the last eight years. To a large extent, we feel we won more on the ground rather than in the courtrooms as many aspects of SoC have been proven to be detrimental to the market.
We will examine with our lawyers our further legal options.
We, at the BVGD, feel that many stakeholders have understood the validity of our arguments. Yet the core problems still remain. To be sure, the situation is changing slowly but surely. It is to be hoped that economic reality will force real change in the end, as distorted markets can never be efficient.
In the long run, economic forces will always prevail.
President of the Board of Directors