Don’t buy Russian diamonds; G7 countries to impose ban

JThe G7 countries have decided to impose a ban on the import of Russian diamonds from November. The decision was taken in the online meeting held yesterday. The new move is part of efforts to curb fundraising by Russia, which is invading Ukraine. Import of diamonds from Russia will be banned from January 1. From March 1, Russian diamonds processed in other countries will also be included in the ban. The G7 statement, released after a virtual summit attended by Ukrainian President Zelensky, said the first phase of restrictions on non-industrial diamonds mined, processed or produced in Russia would take effect in January.

At the same time, there has been strong opposition to the proposal from many diamond producing countries and leading brands. They alleged that the decision was impractical and would destroy the diamond trade. Being small and precious, gems are easy and profitable to smuggle. They can easily be mixed with stones from other sources. Also, rough diamonds change in weight and shape as they are cut, polished, and finally set into jewelry. At the same time, the G7 has stated that it will prepare a system to check whether the diamonds in Russia are genuine. How to design and implement this system will be decided in consultation with the diamond producing countries, the G7 said.

Japanese Prime Minister Fumio Kishida, who chairs the G7, said at the summit that he was ready to provide about $4.5 billion in additional funds to aid war-torn Ukraine’s recovery efforts. The G7 consists of Britain, Canada, France, Germany, Italy, Japan, the United States and the European Union.

Last Updated Dec 8, 2023, 4:06 PM IST