G7 Leaders agreed to limit Imports of Russian Diamonds

G7 leaders agreed on Wednesday to limit imports of Russian diamonds from next year as part of tightening sanctions over Moscow’s invasion of Ukraine, according to a statement.

“We will introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, by January 1, 2024, followed by further phased restrictions on the import of Russian diamonds processed in third countries targeting March 1, 2024,” the statement reads.

The G7 countries, which are the leading importers of rough diamonds, will have created a mechanism for verifying and certifying rough diamonds by 1 September 2024 and will consult with producing countries and partners on this issue, the leaders added.

The EU has previously indicated that it also intends to impose sanctions against diamonds of Russian origin but is waiting for a G7 decision that would explain the mechanism of such a ban.

Belgium, a member of the European Union and home to one of the world’s largest diamond trading centres, discussed sanctions against Russian diamonds with the G7.

The Kremlin is estimated to earn €4 billion annually from diamond exports.

Photo: ZenDiamond