In an effort to constrain Russia’s ability to fund its invasion of Ukraine, the Group of Seven (G-7) nations has unanimously decided to ban Russian diamond imports, effective from the start of the next year. Despite previous resistance from leading importer nations like Belgium, the G-7 aims to curb Russia’s economic resources by implementing a comprehensive ban on all imports of rough diamonds directly from Russia, expanding the ban to include diamonds processed in third countries from March 1. A traceability system is set to be implemented by September.
This decision comes after months of aggressive lobbying by the diamond industry, focusing on the method used to trace diamonds. While Belgium proposed processing all diamonds through Antwerp, other industry players suggested enhancing and expanding existing models of origin certification. The G-7 will continue consultations with diamond-producing and manufacturing countries to design and implement the tracing system.
Belgium Prime Minister Alexander De Crew welcomed the G-7’s tracing system, considering it an essential step to reduce the flow of money from the diamond trade to Russia.
