De Beers: Industry Needs Extra Year to Adapt to G7 Sanctions
June 06, 24
(IDEX Online) - De Beers say the diamond industry needs longer to adapt to G7 sanctions on Russia and is calling for a year-long extension on the "sunrise period".
It pledges full support for the restrictions which will, from 1 September, outlaw all Russian goods of 0.5-cts or above.
But the UK-based miner is concerned that the way they're implemented may not prove to be practical or enforceable across the whole industry.
"Import restrictions could be extended to 0.5 carat and above polished diamonds on 1 September 2024 as planned, with current certification requirements," it says in a seven-point statemen issued on 4 June.
"But the 'sunrise period' should be extended for 12 months to September (2025) to give the industry time to adapt to new requirements."
De Beers also re-states its support for additional entry points beyond Antwerp for diamonds entering the EU to ease matters for producer countries such as Botswana, Canada, Namibia, South Africa and Angola.
It also calls for digitized KP certificates, with an end to the "mixed origin" label, and mutual recognition among G7 members of import certifications.
Pic of rough diamonds courtesy De Beers.