This week, G7 countries will consider four versions of a possible ban on imports of Russian diamonds. Agency sources report that Reuters.
According to the agency, the main task of the upcoming G7 negotiations will be to develop a legally accurate definition of the traceability of diamonds in order to determine their origin.
Since G7 countries account for 70% of global diamond demand, the G7 ban would deal a serious blow to Russia’s diamond exports. Russia is the world’s largest producer of rough diamonds by volume, accounting for 30% of such stones. According to Reuters sources, the main disagreements between the G7 countries concern where diamonds can be imported to verify their origin, how to verify Russian origin, weight thresholds for stones and the consequences of breaking the rules.
Some G7 participants fear that it will not be possible to impose restrictions on Russian diamonds until technical details are agreed in early January. At the same time, Belgium and India are trying to protect their diamond centers in Antwerp and Mumbai.
Belgian Prime Minister at the beginning of October explained Rejection of the ban on Russian diamonds.
Russia had previously evaluated the European Union’s plans to enter New sanctions package
Source: Gazeta
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