Group of Seven Bans Importing Russian Diamonds

A statement released on Wednesday indicated that the Group of Seven has announced a direct ban on Russian diamonds starting January 1, followed by restrictions on indirect imports starting around March 1. The Group of Seven is considering various proposals on how to restrict Russian diamond imports. The European Union has suggested a package that includes a ban on diamonds but was waiting for coordination from the Group of Seven to proceed. The Group of Seven will impose gradual restrictions on indirect imports starting from a targeted date in March and will establish a "robust verification and certification mechanism based on traceability" for raw diamonds within its countries by September 1, 2024. The ban excludes diamonds for industrial use.