G7 nations have agreed to ban imports of Russian diamonds from 2024 and implement a phased embargo on trading the gemstones throughout the year. This agreement aims to restrict one of Russia’s leading exports that has previously avoided sanctions outside of the UK and US.
Non-industrial diamonds mined, processed or produced in Russia will be banned by the EU in phases, with the direct ban coming into force on January 1st, 2024. The ban applies to importing, purchasing or transferring diamonds from Russia, including laboratory-grown diamonds and diamond jewellery.
Given the complexities involved in tracing diamonds through the supply chain, the G7 is currently exploring viable options to prevent the influx of Russian diamonds into the market. International jewellery bodies, including the NAJ representing its members, are working on improving the current proposed protocols, addressing complexity, cost and the provision of a robust auditing process.
The National Association of Jewellers welcomes the G7 commitment to restrict direct and indirect trade in Russian diamonds. However, it shares the concerns of our international partners in how the ban will be enforced.
NAJ Chief Executive Ben Massey says: “Since May 2023, the NAJ has been engaged in trade talks with government officials and has held working groups with trade representatives and government officials to illustrate possible impacts and highlight the need for a constructive narrative to assure confidence in the market.
“Looking ahead, we will continue to work within these groups and communicate with key trade partners to establish what this announcement means for our members and to encourage a workable protocol that provides confidence for the UK jewellery industry.”
The Association will update members with further news from the G7 governments as soon as we receive it to ensure supply chains are in accordance with the sanctions and requirements set out.