G7 to announce ban on Russian diamonds, Belgian official reveals

The Group of Seven (G7) countries are set to ban Russian diamonds within the next two to three weeks, Yahoo Finance reports. A Belgian government official has revealed that the EU, Canada, France, Germany, Italy, Japan, the UK and US are looking to reduce Russia's diamond export revenues and extend existing sanctions against Alrosa, the world's largest diamond producer.

The ban will take effect in January, the official said, and will focus on linking the origin of diamonds to their quality. Belgium is proposing a plan to trace rough diamonds and link them to polished gems.

Traceability will be the responsibility of traders and manufacturers, similar to practices already in place in India. They will be required to provide evidence to sell within the G7, establishing a clear link between rough and polished diamonds.

Challenges ahead

This decision represents a significant shift in the global diamond market. The G7 also recognises that the plan may face initial challenges. "We’re talking about restructuring a global market," the official said.

Antwerp is currently the world's leading diamond trading centre, with 86 per cent of the world's rough diamonds passing through the city. While Belgium's imports of Russian diamonds have fallen sharply since the start of the war, they have not stopped altogether.



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