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
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
SourcingNov 21, 2025
De Beers’ Branded, Traceable Diamonds Roll Out to 19 Retailers Called “Origin by De Beers Group,” the loose, polished diamonds are being sold in a total of 30 stores in the United States and Canada.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
SourcingNov 18, 2025
Another Diamond Company CEO Steps DownMark Wall, president and CEO of Canadian mining company Mountain Province Diamonds, will vacate his position next month.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
