Representatives from the United States Department of State and the European Commission spoke with leaders across the diamond industry about strategies to deprive Russia of gemstone revenues. The discussions highlighted how governments can partner with industry to strengthen sanctions and tighten controls on trade channels that currently support Moscow. Officials from Washington and Brussels emphasized the importance of engaging industry stakeholders in shaping future import measures, including those targeting polished diamonds, to ensure measures are practical, enforceable, and effective on the ground.
The participants reviewed the scale of the Russian diamond trade, noting that the Russian Federation continues to generate substantial revenue from rough and polished stones. They discussed how income from this trade underpins a portion of the country’s foreign exchange and how tightened enforcement, border controls, and transparent tracking systems could disrupt those earnings. The aim is to reduce the ability of Russian diamonds to flow into global markets while preserving legitimate supply chains and minimizing disruption for compliant businesses and consumers.
In related developments, the G7 nations and the European Union have been exploring enhanced methods to trace the movement of diamonds across borders. The focus is on improving traceability, origin verification, and documentation to deter any evasion of sanctions and to promote accountability throughout the supply chain. This includes cooperation between customs authorities, industry bodies, and international partners to share intelligence and establish consistent standards for reporting and compliance.
There has also been discussion about the practical implications of blanket prohibitions. Some officials noted concerns about how sanctions could be circumvented through third-country routes, underscoring the need for comprehensive strategies that cover all potential delivery paths. The overarching message from the conversations is clear: a coordinated, transparent approach involving both government agencies and industry players will be essential to curtail illicit flows while maintaining orderly markets for legitimate diamond trade in Europe and North America.