Antwerp World Diamond Centre CEO: Unexpected news hit the Antwerp World Diamond Centre (AWDC) on Thursday when the board of directors revealed that Chief Executive Ari Epstein had tendered his resignation.

After 13 years as CEO, Epstein decided not to explain his sudden resignation, according to a spokesman for AWDC, Belgium’s main diamond industry body. Nevertheless, according to the Belgian financial journal De Tijd, the diamond sector’s relations with the Belgian government have been strained due to concerns surrounding Russian diamond sanctions.

In spite of rumors to the contrary, AWDC has been mum on who will replace Epstein as CEO. Attempts to reach Epstein via LinkedIn for an instant response were unsuccessful.

After the European Union banned diamonds from Russia on March 1, strict controls were put in place to ensure that rough and polished diamonds entering the EU and G7 countries were not from Russia. These regulations required photographic verification and declarations.

As a direct result of these regulatory actions, the diamond dealers in Antwerp are worried about having to endure long and costly delays. The changing geopolitical dynamics are making major players face more obstacles and complexities, as shown by the diamond industry’s evolving terrain.