G7 Nations to Restrict Russian Diamond Imports

Move aims to cut funding to Moscow's war effort, with phased implementation starting January 2024

The G7 nations have pledged to impose restrictions on direct Russian diamond imports from January 1, 2024, in an effort to cut funding to Moscow's war effort.
Additional restrictions on imports of Russian diamonds processed in third countries are to be phased in by March 1, and a 'robust traceability-based verification and certification mechanism' for rough diamonds is to be established within the G7 by September 1.
Most Russian diamond exports are controlled by the state-backed company Alrosa, which was sanctioned by the U.S. Treasury Department in 2022. Russian exports of diamonds total about $4 billion per year, accounting for a third of the world's total.
India, home to 90% of the world's diamond cutting and polishing industry, and De Beers, the top global rough diamonds producer by value, are seeking clarity and flexibility from G7 countries in implementing the ban.
Belgium has proposed that all diamonds are processed through the port city of Antwerp, sparking opposition from many diamond-producing countries and some of the industry’s dominant players, who propose enhancing and expanding existing models of origin certification.