EU member states are preparing sanctions aimed at Russian diamonds this autumn, according to a Belgian government source cited in reporting. The timing for when these measures will take effect remains uncertain, with some officials pointing to October and others to November.
The new framework would permit diamonds that carry non-Russian markings to move within the European market, while a broader ban on rough diamonds is set to begin on January 1, 2024. Over time, the rules will extend to include stones that have undergone treatment, gradually broadening the scope of the restrictions.
Earlier reports from The New York Times indicated that the G7 nations and the European Union were expanding sanctions on the Russian diamond sector. The outlets cited sources describing plans to halt all imports of Russian diamonds, not only rough stones but also those that have been processed in other countries such as India or Belgium. The goal is to block entry into both European and North American markets. These developments signal a coordinated push to tighten the grip on Russia’s diamond trade.
There have also been discussions about a softening in global diamond prices as markets react to sanctions and shifts in demand. Industry observers note a cautious stance among buyers and sellers as the supply chain adjusts to the evolving policy landscape.
Meanwhile, shifts in trade relations have drawn attention to the broader impact of sanctions on the Russian Federation’s diamond exports and the ripple effects across key consumer markets in Asia, Europe, and the Americas. Market participants are watching closely how producers, traders, and retailers adapt to the changing rules and what this means for prices, availability, and the speed at which new compliance measures will be adopted across the value chain.