Policies & IssuesSep 18, 2023
Grib Diamonds Among Companies Named in Latest Round of SanctionsPolicies & IssuesDec 07, 2023
The G7’s Long-Awaited Statement on Russian Diamonds Is Here
It provides a timeline for the implementation of new restrictions, but no details.
Diamonds “mined, processed or produced” in Russia will be prohibited from entering G7 nations beginning Jan. 1, 2024. In March, tighter restrictions will go into effect.
Washington, D.C.—The Group of Seven nations announced its ban on Russian diamonds Wednesday, providing a timeline for restrictions that will gradually tighten over the course of 2024 but no details on how they will be implemented.
According to the statement, the G7 will ban the import of non-industrial diamonds “mined, processed, or produced” in Russia beginning on Jan. 1, 2024.
In the U.S., the import of non-industrial Russian diamonds has been prohibited since March 11, 2022 following an executive order from President Joe Biden.
Wednesday’s announcement by the G7 broadens the ban to Western nations that do not currently have a ban on imports of diamonds from Russia, including the European Union.
The EU has not included diamonds in previous rounds of sanctions on Russia due to objections from Belgium, which is home to a major diamond trading hub—Antwerp.
The G7 member nations are: the U.S., U.K., Japan, Italy, Germany, Canada, and France. The EU is a non-enumerated member.
On March 1, 2024, a ban on the import of Russian diamonds “processed” (cut and polished) in other countries, such as India, will go into effect, a measure meant to counteract the U.S. Customs and Border Protection’s “substantial transformation” rule.
Under the rule, goods that are “substantially transformed” from their original state in another country become a product of the country where the transformation took place, e.g., a rough diamond mined in Russia but crafted into a polished diamond in India is technically a product of India, not Russia.
Substantial transformation has allowed Russian diamonds to continue to enter the U.S., a pathway the G7 nations were intent on shutting down when they announced plans to tighten restrictions on Russian diamonds earlier this year.
Related stories will be right here …
According to the statement, the G7 will ban the import of non-industrial diamonds “mined, processed, or produced” in Russia beginning on Jan. 1, 2024.
In the U.S., the import of non-industrial Russian diamonds has been prohibited since March 11, 2022 following an executive order from President Joe Biden.
Wednesday’s announcement by the G7 broadens the ban to Western nations that do not currently have a ban on imports of diamonds from Russia, including the European Union.
The EU has not included diamonds in previous rounds of sanctions on Russia due to objections from Belgium, which is home to a major diamond trading hub—Antwerp.
The G7 member nations are: the U.S., U.K., Japan, Italy, Germany, Canada, and France. The EU is a non-enumerated member.
On March 1, 2024, a ban on the import of Russian diamonds “processed” (cut and polished) in other countries, such as India, will go into effect, a measure meant to counteract the U.S. Customs and Border Protection’s “substantial transformation” rule.
Under the rule, goods that are “substantially transformed” from their original state in another country become a product of the country where the transformation took place, e.g., a rough diamond mined in Russia but crafted into a polished diamond in India is technically a product of India, not Russia.
Substantial transformation has allowed Russian diamonds to continue to enter the U.S., a pathway the G7 nations were intent on shutting down when they announced plans to tighten restrictions on Russian diamonds earlier this year.
The G7’s statement also noted that G7 member countries that are “major” importers of rough diamonds will have to establish a “robust traceability-based verification and certification mechanism” for rough diamonds by Sept. 1, 2024.
While there were multiple plans circulated by industry groups, including the “G7 Diamond Protocol” the World Diamond Council developed with industry input and the “EU Proposal,” which calls for all finished diamonds to pass through a “polished node” to certify them as non-Russian, the G7’s statement did not provide any specifics on what this mechanism will or should be.
It stated only, “We will continue to consult with partners, including producing and manufacturing countries on its design and implementation.”
Leaders of the G7 announced the restrictions on Russian diamonds following an online meeting held Wednesday.
Diamonds were part of a lengthy statement released by the group in which it reiterated its support for Ukraine and outlined other measures intended to cut off Russia’s sources of revenue, including the enforcement of a price cap policy on Russian oil and continuing its efforts to reduce the amount of money the country makes from metals.
Japan served as president of the G7 in 2023. Italy will be taking over in 2024.
Editors' Picks
Sponsored by
More on Policies & Issues
The Latest
EditorsNov 06, 2026
The Spectrum Pieces I Can’t Stop Thinking AboutFrom a Betta fish brooch to a “dragon’s trove” of zircon eggs, here are seven pieces that’ve stuck with Associate Editor Lauren McLemore.
TrendsNov 06, 2026
Pat Pruitt’s DragonFly Earrings Take Flight on Election NightGroundbreaking New Mexico Governor-elect Deb Haaland wore the earrings, our Piece of the Week, when she declared victory on Tuesday.
MajorsNov 06, 2026
SNL’s Colin Jost Finds the Perfect Gift in Kay Jewelers’ Holiday AdJost goes on an epic journey, traversing rough seas and encountering a cyclops, to discover the perfect holiday gift.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
Supplier BulletinNov 05, 2026
Winning With GCAL 8X®: What’s Working at the CounterSponsored by GCAL by Sarine
Weekly QuizNov 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysNov 05, 2026
What Retailers Should Know About Holiday Shoppers This YearFrom shrinking budgets to AI elves, here are five takeaways from holiday reports by Bain, Adobe, Mastercard, NRF, and insights from YouGov.
CollectionsNov 05, 2026
Judi Powers, Russell Jones Unleash Joy With New CollaborationThe designers combined their talents for Little Pet Portraits, hand-painted miniatures of our best friends set in a piece of jewelry.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
FinancialsNov 05, 2026
Brilliant Earth Continued to Resonate With High-Income Shoppers in Q3Its non-bridal fine jewelry remains the star of the show, recently launching new collections inspired by Elizabeth Taylor and Jane Goodall.
MajorsNov 05, 2026
Ariana Grande Stars In Swarovski’s Holiday Campaign“Joy: The Swarovski Musical” features Ariana Grande as the leading lady in scenes inspired by classic musical montages.
GradingNov 05, 2026
GIA to Offer Next-Day Holiday ServicesThe lab will bring back its complimentary next-day service for some reports starting next week.
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
FinancialsNov 04, 2026
Pandora’s Q3 Sales Up 7% Amid Focus on DesignNew collections and relevant marketing pushed the company forward, while Pandora’s lab-grown diamond sales continue to lag.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
MajorsNov 04, 2026
Bergdorf Goodman Names New PresidentLanessa Elrod, former president and CEO of Louis Vuitton Americas, has stepped into the role as the retailer celebrates 125 years.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
