On the eve of discussions scheduled for October 19, representatives from the G7 nations will convene to weigh alternative approaches to restricting the import of Russian diamonds starting in 2024. Reuters reported on the developments surrounding these talks. The agenda includes evaluating proposals from Belgium, India, France, and the World Diamond Council as part of a technical-level meeting. Insiders note that for any ban to take effect on January 1, 2024, the precise terms of the restrictions set to begin in November 2023 must be fully clarified beforehand. This clarity is deemed essential to avoid gaps in enforcement and to ensure that the policy can function as intended from the outset of 2024.
Sources point out that the ban on Russian diamond imports was postponed in the past because the measure was not direct in scope and only applied to Russian diamonds entering the G7 from outside the territory of Russia itself. This nuance created a delay in the implementation timeline and prompted careful reconsideration of how the embargo would be structured and enforced. The decision to pause was tied to concerns about the geography of trade routes and the practicalities of tracing the origin of stones in the supply chain.
Prior to this pause, Belgium had publicly discussed the possibility of a ban extending beyond the initial target date. For the time being, the focus remains on observing the situation through to 2024 before any final commitments are made. The broader diplomatic context includes continued dialogue among major industrial players and policymakers about how best to regulate diamond trade flows while maintaining market stability.
Prime Minister Alexander De Croo has stated that any ban can only be implemented once a robust origin-tracking mechanism, agreed upon by all G7 members, becomes operational. The anticipated launch date for this system is January 1, 2024. De Croo emphasized that rushing into a ban without a reliable verification framework could undermine the policy’s effectiveness and invite unintended consequences in related sectors.
The situation also intersects with ongoing sanction measures that have targeted Russia through other channels. The broader objective remains to align sanctions with verifiable supply-chain controls, ensuring that diamond imports from Russia can be accurately identified and restricted where applicable. The changes under discussion reflect a coordinated approach designed to minimize loopholes and enhance transparency in the diamond trade.