New Sanctions Could Target All Russia's Polished Diamonds - JVC
February 27, 23
(IDEX Online) - The G7 nations said they would work towards measures against Russian diamonds as they marked the first anniversary of its invasion of Ukraine, but gave no specific details.
But the Jewelers Vigilance Committee (JVC) says it has received information that new restrictions are likely to specifically target all polished diamonds from Russia, regardless of where they are cut and polished.
Current US sanctions outlaw rough diamonds from Russia, but those polished in another country take on the nationality of that country.
"JVC expects that the process to create and implement regulations will take a few months, and looks forward to working with the U.S. Department of State and other U.S. government partners to ensure that the industry is fully informed of their responsibilities," said Tiffany Stevens (pictured), CEO & General Counsel at JVC.
"In the meantime, JVC will continue to educate the trade on its role in ensuring that U.S. dollars do not go to fund the ongoing unjustified war in Ukraine."
The G7 leaders' statement, issued last Friday (24 February), repeated its condemnation of Russia's "heinous attacks" and pledged support for Ukraine, but made only one mention of diamonds.
It said: "Given the significant revenues that Russia extracts from the export of diamonds, we will work collectively on further measures on Russian diamonds, including rough and polished ones, working closely to engage key partners."
No further details of the possible measures, or a timeframe, were given.
Last week the Dutch government hinted that a new package of EU sanctions could "possibly" include an import ban on Russian diamonds.