New phase of EU, G7 ban on Russian diamond imports comes into effect

Experts interviewed by TASS noted that the ban would have a “ripple effect” on the global diamond market.

On January 1 of this year, restrictions on the import of Russian diamonds and polished diamonds weighing more than one carat to the G7 countries and the European Union came into force.

Then, as of March 1 of this year, the import of Russian diamonds weighing more than one carat and polished in third countries into the EU and the G7 was banned. Now the ban is extended to include rough and polished diamonds from Russia weighing more than 0.5 carats, as well as synthetic diamonds.

In this regard, expert Yaroslav Kabakov notes that the ban on the import of Russian diamonds and the complication of document handling procedures will negatively affect the global diamond market, most likely prices will rise, supply will decrease, and it is expected that companies will have to adapt to new conditions, which may temporarily slow down their operational activities.

Earlier, the British newspaper The Times reported that European stock exchange traders consider the European sanctions against Russian diamonds ridiculous and causing chaos in the jewelry market.

The newspaper reported that the European Commission, after the restrictions imposed in March came into effect, ordered all diamonds entering the EU countries to be sent to Antwerp – the largest diamond trading center in the world – to be examined for a possible Russian source.

One stock exchange trader told the newspaper that the decision has led to long delays and additional costs, and that customers are unhappy with it because officials are demanding dozens of documents to prove the origin of each shipment.

Source: Agencies