G7 will discuss plans by 4 members to ban Russian diamonds from 2024
This week, G7 member countries will discuss four plans for banning Russian diamonds from their markets from January 1, 2024 G7 member countries are set to discuss plans to ban Russian diamonds from their markets from January 1, 2024. The proposals, prepared by Belgium, India, a French jewelry industry group, and the World Diamond Council (WDC), aim to establish a legal definition of traceability of diamonds based on their origin. The main differences between the proposals include where the diamonds enter G7 markets, if they originate from Russia, what the weight thresholds would be, and potential consequences for breaking the rules. Exports of Russian diamonds to G7 countries, including the U.S., Canada, Japan, Germany, Britain, Italy, and France account for 70 percent of the global diamond market. The proposal is part of a wider effort by the European Union and the G7 to implement sanctions against Moscow for its invasion of Ukraine in 2022.
Published : 2 years ago by in Politics
ANTWERP, Belgium: This week, G7 member countries will discuss four plans for banning Russian diamonds from their markets from January 1, 2024.
The four proposals, prepared by Belgium, India, a French jewelry industry group, and the World Diamond Council (WDC), will be discussed at a technical meeting of G7 representatives this week.
Exports of Russian diamonds to G7 countries, the U.S. Canada, Japan, Germany, Britain, Italy, and France, account for 70 percent of the global diamond market.
Russia is the world's biggest producer of rough diamonds, accounting for 30 percent of total global production.
To determine where gems come from, the meeting will aim to agree on a legal definition of traceability of diamonds.
The main differences between the proposals include where the diamonds enter G7 markets, verifying if they originate from Russia, what the weight thresholds would be, and the consequences there would be for breaking the rules.
India and Belgium will propose that the entry point should be their diamond centers in Mumbai and Antwerp, respectively, while the French group argues for multiple entry points to prevent bottlenecks, and the WDC wants a more self-regulating system. The weight threshold for the gems could be 1 carat or more for polished stones.
As part of sanctions against Moscow for its invasion of Ukraine in February 2022, the European Union and the G7 have aimed to ban Russian diamonds since the start of the war.
The U.S. has already imposed sanctions on Russia's state-owned diamond producer Alrosa, and major jewelers, such as U.S. brand Tiffany's, said they would no longer buy Russian diamonds.
Topics: G7, Russia-Ukraine War