South Africa wants to cooperate with Russian diamond producers, the CEO of the South African State Diamond Trader, Nosiphiwo Mzamo, told Sputnik Africa on the sidelines of the St. Petersburg International Economic Forum 2024.
The African country hopes that the restrictions on access to Russian diamonds will be lifted so that South Africa can cut and polish gems bought from Russia, she noted.
Given that Africa and Russia account for 90% of world diamond production, there is a "huge" supply deficit of diamonds due to Western sanctions on Russian-produced diamonds, she added.
"I hope and wish that things can work out in terms of the political sphere, and then those issues can be resolved, and then the diamonds of Russia can find their way into the trading market again," the CEO noted.
Commenting on the issue, Dr. Mohammed Abubakar Mohammed, Senior Special Assistant on Solid Minerals Development to the Executive Governor of Kwara State, Nigeria, also highlighted the "very huge" impact of Western sanctions against Russian diamond producers on diamond imports. According to him, the global market is currently contracting, while, as he noted, it should remain accessible to all participants.