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.
More on Policies & Issues
The Latest
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
SourcingMar 13, 2026
Andrea Pooler Joins Third-Generation Diamond Company as COO Pooler, who has more than 25 years’ experience in jewelry, is now chief operating officer of Modani Jewels, Soham Diamonds, and SNJ Creations.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
Weekly QuizMar 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
FinancialsMar 10, 2026
Signet Jewelers’ Q4 Sales Fall Flat The jewelry giant released preliminary results for the fourth quarter and full year on Monday, with final results slated to come next week.
MajorsMar 10, 2026
Saks Global to Close 15 More StoresThe retailer also gave an update on its vendor partnerships.
TrendsMar 10, 2026
Messika Names Julianne Moore as AmbassadorThe award-winning actress is the “epitome of modern allure,” the brand said.
CollectionsMar 10, 2026
Gemstones ‘Bloom’ in Sorellina’s New CollectionThe “Bloom” collection draws from the flower power movement of the 1960s and ‘70s with inlay pendants offered in eight colorways.
Events & AwardsMar 10, 2026
Diamond-Studded Painting Shines at RJO Foundation AuctionThe unique piece was one of the custom works offered at the foundation's recent silent art auction, which garnered nearly $15,000 in total.
TrendsMar 09, 2026
Jake Gyllenhaal Is Bulgari’s Latest AmbassadorBulgari named Gyllenhaal as its brand ambassador for his embodiment of artistic depth, intellectual curiosity, and warmth.
Events & AwardsMar 09, 2026
TJS Announces 2026 Scholarship WinnersAwards were given to four students, one apprentice, and an emerging jeweler.
AuctionsMar 09, 2026
Joanna Carson’s Jewels Lead White-Glove SaleThe top jewelry lot of the late model’s estate sale, hosted by John Moran Auctioneers, was an Oscar Heyman & Brothers for Cartier necklace.
GradingMar 06, 2026
Tom Moses Leaving GIA After Nearly 50 YearsMoses, who started at GIA’s Santa Monica lab in 1976, will leave the Gemological Institute of America in May.
Lab-GrownMar 06, 2026
Charles & Colvard Files for Bankruptcy, Citing Price PressuresIncreased competition, falling lab-grown diamond and moissanite prices, and the rising cost of gold took a toll on the moissanite maker.
CollectionsMar 06, 2026
Zome’s ‘Solara’ Earrings Embody Celestial BeautyThe earrings, our Piece of the Week, feature pink tourmalines as planets orbiting around an aquamarine center set in 18-karat rose gold.
