The Strategist

NYT: G7 countries intend to completely ban diamond imports from Russia from January 2024

08/29/2023 - 03:27

According to the newspaper, the G7 nations account for almost 70% of global diamond consumption.

Rosana Prada
Rosana Prada
The European Union and the Group of Seven (G7) nations want to completely forbid the import of diamonds from Russia, reported The New York Times.

The import of uncut Russian diamonds as well as Russian-cut diamonds was prohibited by the United States starting in 2022. At that, the prohibition still offered some ways to get around the sanctions.

The EU refrained from imposing penalties on diamonds due to criticism from Belgium, whose economy is heavily dependent on the trade in precious stones. The new sanctions stipulate that gems that are mined in Russia but are cut in other nations would also be prohibited.

The opposition of nations to limiting the import of Russian diamonds has now been overcome. The new sanctions are anticipated to be revealed in September and go into effect in January 2024, which is just after the conclusion of the New Year's break.