G7 "Weeks Away" from Announcing Ban on Russian Diamonds
September 18, 23
(IDEX Online) - The G7 nations are on the brink of announcing a ban on Russian diamonds, to take effect from 1 January 2024.
Belgian officials say they expect confirmation of the move within the next three weeks, according to reports by Reuters and the Financial Times (FT).
G7 members - Canada, France, Germany, Italy, Japan, the United Kingdom, the US (and the EU) account, between them, for 70 per cent of global diamond sales.
Speculation has been mounting in recent months that they will finally take action against Russia, backed by a traceability solution to effectively identify sanctioned goods.
Member nations were widely expected to announce restrictions when they met in Hiroshima, Japan, in May, but they deferred a decision.
"Russian diamonds are not forever and I am delighted that this ban on Russian diamonds is now materialising," Charles Michel, president of the European Council, said last Friday, according to an FT report.
Last month Brad Brooks-Rubin, senior adviser in the Office of Sanctions Coordination in the U.S. State Department, cautioned that sanctions would likely apply only to diamonds of one carat or more. Much of Russia's diamond production is smaller stones, that wouldn't be covered.
Pic courtesy Alrosa shows rough Russian diamonds