Editor’s Note
This article reports on Japan’s recent import ban on non-industrial Russian diamonds, a measure aligning with G7 sanctions against Russia’s invasion of Ukraine.
The Japanese government announced on April 5 that it will ban imports of non-industrial diamonds from Russia, which are used in jewelry and other items. This move is aimed at strengthening sanctions against Russia’s invasion of Ukraine. The decision aligns with a statement from the G7 summit in December last year, which called for similar measures.
Direct imports of Russian non-industrial diamonds have been prohibited since January. Starting May 10, indirect imports of diamonds processed in third countries will also be banned.
According to the Ministry of Economy, Trade and Industry (METI), more than half of Japan’s non-industrial diamond imports come from India, with imports from Russia amounting to only about 60 million yen annually. However, Russia produces approximately 20% of the world’s rough diamonds, raising the possibility that Russian diamonds processed in third countries could be circulating within Japan.
The European Union (EU) also decided to ban imports of Russian diamonds in December last year. The goal of these international measures is to exclude Russian diamonds from the global market and disrupt Russia’s ability to raise funds for its war efforts.
On the same day, the government also revealed that it will add 164 items, including steel products, automotive engine oil, and lithium-ion batteries, to the list of goods prohibited for export to Russia. These export bans will take effect from April 17.