G7 Russia Ban to Include Lab Grown Diamonds
December 04, 23
(IDEX Online) - Long-awaited EU sanctions on Russian diamonds will also cover lab growns, according to an Agence France Presse (AFP) report.
The ban, due to come into force on 1 January 2024, would apply to "non-industrial natural and synthetic diamonds as well as diamond jewellery," according to the text of a proposal adopted by the European Commission, which the Paris-based news agency says it has seen.
Restrictions on diamond sales are being targeted primarily at rough diamonds produced by Alrosa, the state-controlled miner which has so far suffered no drop in revenue, despite US attempts to sanction it.
Russia is the fifth biggest lab grown producing country, but lags far behind China, India, US and Singapore.
Moves to impose an G7 ban on Russian rough diamonds have dragged on. Member countries, including the 27 EU nations, jointly account for 70 per cent of the world's diamond sales.