The management of the embargo on Russian diamonds, both rough and polished, that Western nations began enforcing at the start of 2024 remains in a testing phase. This is largely due to the absence of a universally recognized electronic certification system for stones. The situation was outlined by RIA News, referencing an official remark from the European Commission.
According to the Commission, until August 31, 2024, EU customs procedures still allow incoming diamonds to be admitted with documentary proof of their origin. This transitional approach aims to prevent inadvertent imports from countries subject to sanctions, while the certification framework is being prepared. The guidance issued by the EC on sanctions enforcement emphasizes that importers must demonstrate that rough and polished diamonds entering EU and G7 markets are not of Russian origin. To satisfy this requirement, importers are expected to provide a certificate of origin, comprehensive seller and buyer information, and a clear delivery route. The emphasis is on traceability from source to shipment, ensuring that every step in the supply chain can be verified by authorities.
Looking ahead, the plan is to move toward a system where each batch of diamonds—whether large stones or smaller parcels—carried into G7 and EU destinations will carry an electronic certificate. This certificate would attest to non-Russian origin and would be designed to be tamper-resistant and immutable. Belgian authorities are identified as the likely issuing authority for these electronic certificates, reflecting Brussels’ role in developing shared authentication standards for the sector. The shift aims to close gaps in verification and reduce opportunities for mislabeling or fraud in diamond provenance.
Canada has already stepped up its stance by introducing an additional ban on imports of Russian diamonds in early March, signaling a broader North American alignment with Western sanctions. This move complements parallel measures in the European Union and allied nations, reinforcing the tightening web of controls intended to limit revenue flows linked to sanctioned sources. The evolving set of rules underscores a transitional period as regulatory bodies work toward robust, standardized certification across international markets.
In related commentary, Elvira Nabiullina, governor of Russia’s central bank, has previously described the most painful sanctions as those that directly affect the financial system and its ability to operate publicly. While not specifying effects on the diamond trade, such statements illustrate the broader economic pressure that sanctions place on trade routes and commodity markets. The ongoing policy adjustments reflect a broader strategy to curtail the export of high-value goods from Russia while preserving legal channels for legitimate trade under close supervision.