The United States, in coordination with its G7 partners, will impose new import restrictions on Russian diamonds and diamond jewellery products.
According to a joint statement issued by the G7 countries, import restrictions on non-industrial diamonds that are mined, processed, or produced in Russia will be introduced by Jan. 1, 2024. This will be followed up by further phased restrictions on imports of Russian diamond products processed in third countries with a tentative start date of March 1, 2024.
As well, G7 members who are major importers of rough diamonds will establish a robust traceability-based verification and certification mechanism for rough diamonds within the G7 by September 1, 2024.
This announcement follows a commitment made in May 2023 by G7 leaders to work collectively to reduce the revenues that the Putin regime extracts from the export of non-industrial diamonds mined, processed or produced in Russia.
By reducing the revenues that Russia extracts from the diamond industry, the G7 hopes to ensure that proceeds from the export of Russian diamonds and diamond-related products will not contribute to financing conflict.
Russia is the world’s largest producer of rough diamonds, with its production valued at more than $3.5 billion in 2022. Russia is also a significant global exporter of diamonds and diamond products, with the value of its total exports exceeding $3.9 billion in the same year.
Together, G7 countries represent 70% of the world diamond market.
Since the start of the Ukraine Russia war, the U.S. has imposed hundreds of sanctions on Russian entities, individuals, and products.
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