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
CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a ZooThe pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.
MajorsApr 02, 2025
Neiman Marcus’ Dallas Flagship Will Remain Open, For NowParent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.
SourcingApr 02, 2025
Winston’s Collection of Natural Color Diamonds Now on Display in D.C. Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
Events & AwardsApr 02, 2025
Punchmark to Host Client WorkshopThe educational event will take place in Charlotte, North Carolina, this May.
Weekly QuizMar 27, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 YearsThe independent jeweler first opened its doors in 1888.
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
SourcingMar 28, 2025
19th-Century Jade Book Now Available in EnglishLotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent JewelerThe family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco WatchesThe “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.
MajorsMar 26, 2025
QVC Group Appoints New PresidentAlex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat RubyThe ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.
