The G7 countries and the European Union are planning to expand existing sanctions against the Russian diamond sector. According to sources in diplomatic circles, the new restrictive measures could affect not only the retail sale of gemstones from Russia, but also the wholesale export. This has been reported New York Times.
According to NYT sources, the G7 countries and the EU are planning to ban the import of all types of Russian apples, both raw stones directly mined and gemstones already cut. This means that entry into the European and North American markets will be closed not only for rough diamonds but also for processed stones in India, Belgium or other countries.
It is also planned to ban the passage of Russian diamonds through the territory of the EU and G7 countries. This will deprive Russia of the opportunity to sell the stones in its deposits, bypassing direct exports. According to experts, new sanctions could affect 30 percent of world gemstone exports.
The tightening of restrictions is driven by the desire to deprive the Russian diamond mining industry, dominated by state-owned company ALROSA, a significant part of the proceeds from the sale of gems. This is aimed at weakening financial support for Russia’s military operations in Ukraine.
The new sanctions policy for Russian diamonds is expected to be officially announced at the G7 summit in September. Experts believe that tightening restrictions will cause significant changes in the global jewelry market.
At the end of June, it was stated that diamond prices increased worldwide. started to reject.
Formerly US Treasury extended Sanctions against Russia.