Policies & IssuesDec 07, 2023
The G7’s Long-Awaited Statement on Russian Diamonds Is Here Policies & IssuesDec 20, 2023
Lab-Grown Diamonds, Finished Jewelry to Fall Under G7 Ban, EU Says
The EU also provided details on the carat weight threshold, and how it will track rough diamonds.
The European Union will ban the import of diamonds “mined, processed, or produced” in Russia beginning Jan. 1, part of a fresh round of sanctions designed to impede Russia’s ability to continue to fund its war in Ukraine.
Brussels—The European Union has announced its 12th round of sanctions on Russia and, in doing so, shed some light on the forthcoming G7 restrictions on the country’s diamonds.
Details on the new sanctions were published Monday and, for the first time since Russia invaded Ukraine nearly two years ago, Russian diamonds were among the products listed as banned from entering the EU.
The sanctions are part of the “internationally coordinated” G7 diamond ban, and much of the language the EU used in its official statement echoes the statement the Group of Seven nations released earlier this month.
Beginning Jan. 1, the EU and all G7 nations will ban the import of non-industrial, natural diamonds “mined, processed, or produced” in Russia.
This initial ban, set to take effect in less than two weeks, will not have great impact in the United States, as Russian diamonds have been off-limits here since March 2022.
On March 1, the ban will extend to natural Russian diamonds cut and polished in other countries with a weight of 1 carat and above.
Then on Sept. 1, according to the EU, the ban will expand again, this time to lab-grown diamonds made in Russia, finished jewelry set with Russian diamonds, and watches containing diamonds from Russia weight a half carat and above, none of which were mentioned in the G7’s statement.
Sara Yood, deputy general counsel at the Jewelers Vigilance Committee, said in an interview Tuesday that the inclusion of lab-grown diamonds is “ultimately a good thing.”
“To me, it’s about consistency. Including lab-grown in this is a net positive because if we care about transparency and traceability, we should care about it across the board.”
Yood also noted that while finished jewelry and lab-grown diamonds have been part of the discussion on Russian diamonds, the EU’s statement is the first time she’s heard diamond-set watches mentioned.
While most watches are set with diamonds that would fall below the half-carat threshold, she sees their inclusion as a “potential loophole they are trying to close before it gets exploited.”
Related stories will be right here …
Details on the new sanctions were published Monday and, for the first time since Russia invaded Ukraine nearly two years ago, Russian diamonds were among the products listed as banned from entering the EU.
The sanctions are part of the “internationally coordinated” G7 diamond ban, and much of the language the EU used in its official statement echoes the statement the Group of Seven nations released earlier this month.
Beginning Jan. 1, the EU and all G7 nations will ban the import of non-industrial, natural diamonds “mined, processed, or produced” in Russia.
This initial ban, set to take effect in less than two weeks, will not have great impact in the United States, as Russian diamonds have been off-limits here since March 2022.
On March 1, the ban will extend to natural Russian diamonds cut and polished in other countries with a weight of 1 carat and above.
Then on Sept. 1, according to the EU, the ban will expand again, this time to lab-grown diamonds made in Russia, finished jewelry set with Russian diamonds, and watches containing diamonds from Russia weight a half carat and above, none of which were mentioned in the G7’s statement.
Sara Yood, deputy general counsel at the Jewelers Vigilance Committee, said in an interview Tuesday that the inclusion of lab-grown diamonds is “ultimately a good thing.”
“To me, it’s about consistency. Including lab-grown in this is a net positive because if we care about transparency and traceability, we should care about it across the board.”
Yood also noted that while finished jewelry and lab-grown diamonds have been part of the discussion on Russian diamonds, the EU’s statement is the first time she’s heard diamond-set watches mentioned.
While most watches are set with diamonds that would fall below the half-carat threshold, she sees their inclusion as a “potential loophole they are trying to close before it gets exploited.”
The EU’s release on the new sanctions also used the same language as the G7 statement in calling for the establishment of a “robust traceability-based verification and certification mechanism for rough diamonds,” but it expounded upon how the mechanism will work in a Q&A on the sanctions package.
According to the EU, as a “major importer” of rough diamonds, it will create a mechanism for the stones within the G7 that is blockchain-based and will require “mandatory registration” of rough diamonds using “digital twins” of the real diamond in its rough state and issuing a certificate of its origin.
The identifying information and certificate will be entered in a blockchain-based ledger so the diamond can be traced through the cutting and polishing process and presented at time of importation as a diamond from “X” country.
A spokesperson for the European Commission told National Jeweler the blockchain ledger is intended to be used by “all G7, EU jurisdictions and economic operators.”
A blockchain-based solution was the mechanism the EU proposed to the G7.
However, one of the sticking points of the so-called EU Proposal—having all diamonds bound for G7 nations pass through Antwerp—was not mentioned by the EU in its explanation of the verification and certification system.
The EU said the pilot phase of the system will be operational by March 1, and fully online by the Sept. 1 deadline that extends the ban on Russian diamonds to finished jewelry, lab-grown diamonds, and diamond-set watches.
Between March 1 and Aug. 31, companies can use the system of their choosing to prove non-Russian origin but beginning Sept. 1, the use of the blockchain-based system will be “mandatory.”
“We look forward to strong cooperation from industry to ensure that our approach and intentions are understood and implemented,” the EU said.
“The goal of this effort remains centered on reducing revenue that Russia earns from diamonds, which fuels Moscow’s war machine against Ukraine.”
Between March 1 and Aug. 31, companies can use the system of their choosing to prove non-Russian origin but beginning Sept. 1, the use of the blockchain-based system will be “mandatory.”
“We look forward to strong cooperation from industry to ensure that our approach and intentions are understood and implemented,” the EU said.
“The goal of this effort remains centered on reducing revenue that Russia earns from diamonds, which fuels Moscow’s war machine against Ukraine.”
More on Policies & Issues
The Latest
SourcingJul 31, 2025
De Beers Records $189M First-Half Loss The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.
Events & AwardsJul 31, 2025
These Are the 2025 CASE Award WinnersJewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.
IndependentsJul 31, 2025
Matthew Tratner Takes Over as CBG President Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
FinancialsJul 30, 2025
Kering's Jewelry Brands Resilient As H1 Sales Slide 16%The luxury titan’s star brand Gucci continued to struggle amid a "tough" environment.
Weekly QuizJul 31, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesJul 30, 2025
Peek Inside Zadok Jewelers’ New Rolex Showroom in AustinIts opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.
SurveysJul 30, 2025
Consumer Confidence Ticks Up in JulyRespondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingJul 30, 2025
Rob Bates to Release Latest Book in His ‘Diamond District Mystery’ Series“Making a Killing in Diamonds” tells the story of Mimi Rosen, the disappearance of a scientist, and the murder of lab-grown diamond CEO.
EditorsJul 29, 2025
Out & About: Visiting Tacori’s Design Studio in LASenior Editor Lenore Fedow learned a lot when she took a behind-the-scenes factory tour with the jewelry brand earlier this year.
Events & AwardsJul 29, 2025
Melee The Show Welcomes 15 New DesignersThe first-time exhibitors, set to debut at the New York City show, share a devotion to craftsmanship, storytelling, and material integrity.
SourcingJul 29, 2025
Auctim to Offer 7.3M+ Carats of Rough EmeraldsThe online auction house’s September sale will feature rough Brazilian emeralds of various qualities.
MajorsJul 29, 2025
Alexis Padis Re-Elected AGS Board President She’ll lead an executive committee consisting of President-Elect Bryan Moeller, Mitchell Clark, Bill Farmer, and Larry Rickert.
CollectionsJul 28, 2025
Nanis Brings a New Palette to ‘Ipanema’A new edition of the Italian brand’s “Ipanema” collection has debuted with gemstones that evoke Brazil’s breathtaking views.
MajorsJul 28, 2025
The 1916 Company Partners with ‘Shark Tank’ Star’s Watch Insurance PlatformThe retailer will refer its customers to WonderCare, founded by venture capitalist and watch collector Kevin O’Leary.
IndependentsJul 28, 2025
Sissy’s Log Cabin to Open Flagship in Arkansas The jeweler’s largest store yet is set to open in Little Rock next fall.
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ NecklaceAnne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong ShowJewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.
FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime AchievementMark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2 While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio CharactersThe “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern IndiaThe “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHoCreative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.
