Editor’s Note
This article outlines the G7 and EU ban on Russian non-industrial diamond exports, effective January 1, 2024. The measure is part of broader sanctions and will be implemented in phases.
As of January 1, 2024, the export of non-industrial diamonds mined, processed, or produced in Russia to the markets of the Group of Seven (G7) and the European Union (EU) has been officially banned.
These restrictions are only the first phase of the ban. The second phase, targeting natural Russian diamonds processed in third countries, is scheduled to take effect from March 1.
From September 1, the import of Russian synthetic diamonds processed in third countries will be prohibited. Additionally, the import of jewelry, watches, or pocket watches manufactured in third countries using Russian diamonds weighing 0.5 carats or more will also be banned.
Western nations also plan to introduce a tracking and inspection mechanism to more effectively trace the origin of uncut gemstones and prevent sanctions violations.
Some industry experts have expressed skepticism about these tracking mechanisms.
Meanwhile, according to an RT report, Moscow has shifted its diamond trading partners to China, India, the United Arab Emirates (UAE), Armenia, and Belarus. These countries have seen a sharp increase in imports of Russian rough and processed diamonds in recent months.
In December 2023, Kremlin spokesman Dmitry Peskov warned that the ban would “deal a blow” to the EU economy.
He also noted that Russia was prepared for the ban and possessed the means to circumvent it.
