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.
Editors' Picks
Sponsored by
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
Lab-GrownMay 08, 2026
NDC Publicly Criticizes Pandora Over ‘Misleading’ Natural Diamond ClaimsNDC said in an open letter that Pandora’s statements about the carbon footprint of lab grown versus natural diamonds are inaccurate.
SourcingMay 08, 2026
Ronnie VanderLinden Takes Over as WDC President The diamantaire and industry leader succeeds Feriel Zerouki and said he will focus on being a “champion” for natural diamonds.
TrendsMay 08, 2026
Rihanna Chooses ‘Desert Diamonds’ for 2026 Met GalaShe wore our Piece of the Week, Glenn Spiro’s “Old Moghul Golconda” earrings, featuring fancy brown-yellow diamonds totaling 51.90 carats.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Events & AwardsMay 08, 2026
JA Announces 2026 CASE Award WinnersTwo pieces were named “Best in Show,” one from the retail category and one from the supplier category.
Weekly QuizMay 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsMay 07, 2026
Brilliant Earth Appeals to Higher-Income Shoppers in Q1The jewelry retailer noted resilience among its higher-end customers while demand softened for its lower-priced offerings.
AuctionsMay 07, 2026
‘Spectacular’ Kashmir Sapphire Headlines Heritage Spring Jewelry SaleLed by the 6.59-carat sapphire, the sale garnered $9.7 million, a record total for a Heritage jewelry auction.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
MajorsMay 07, 2026
Gannon & Scott Names New Regional Account ExecutiveIn his new role, sales specialist Billy Welshoff will focus on the eastern United States.
WatchesMay 07, 2026
Chrono24 Names New CEOJosé Gaztelu has been promoted to the role, which has been vacant since last year.
Events & AwardsMay 07, 2026
JA Accepting Applications for 2026 Scholarship ProgramIt has also opened the application period for the Seymour & Evelyn Holtzman Bench Scholarship through June 30.
SourcingMay 06, 2026
Canada’s Oldest Diamond Mine Faces Uncertain FutureThe owner of the Ekati mine, which opened in 1998, has filed for insolvency protection amid the significant decline in diamond prices.
FinancialsMay 06, 2026
Pandora to Add Carbon Footprint Info to Lab-Grown DiamondsThe company announced the change alongside its Q1 results, which showed that the jewelry brand’s year is off to a shaky start.
MajorsMay 06, 2026
Saks Global Begins Layoffs, Reorganization Plans Closer to ApprovalThe retailer will cut 16 percent of its corporate workforce as part of its plan to exit bankruptcy.
AuctionsMay 06, 2026
Steve McQueen’s Heuer Monaco Watch Heads to Sotheby'sOf the many examples used in the filming of “Le Mans,” this one is believed to have spent the most time on Steve McQueen’s wrist.
EditorsMay 05, 2026
This Ohio Designer’s Jewelry Made It to the Met GalaMegan Piccione dressed Lauren Wasser in layers of diamond jewelry, making her stand out in a crowd that included celebrities like Beyoncé.
SourcingMay 05, 2026
Doug Hucker Returns to His RootsFollowing decades of association leadership, the “semi-retired” colored gemstone expert is turning his focus to gemstone education.
Events & AwardsMay 05, 2026
AMNH to Showcase Famous Jewelry, Trophies in Sports HistoryThe museum’s new exhibition will feature one of Jesse Owen’s Olympic medals, Yogi Berra’s crown, Super Bowl rings, and more.
Events & AwardsMay 05, 2026
JIS Launches Brand Exposure ProgramThe new program provides access to media exposure and editorial opportunities for exhibitors and retailers.
CollectionsMay 04, 2026
Melanie Georgacopoulos Turns Pearls Into Light for ‘Eclipse’ CollectionThe “Eclipse” jewelry collection captures the fleeting moment where light and shadow align though onyx, diamonds, and freshwater pearls.
ColumnistsMay 04, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
CrimeMay 04, 2026
Pawn Shop Manager Shot, Killed in FloridaLazaro Rodriguez Vega was murdered inside Cash Out Gold and Silver in Fort Pierce. A 20-year-old man has been charged in the case.
IndependentsMay 04, 2026
Zadok Jewelers, Austin Parks Foundation Support Wildflower PreservationA portion of every engagement ring sold in its Austin showroom will support the care and preservation of Austin’s wildflowers and green spaces.
TechnologyMay 01, 2026
Gemist, Saban Onyx Partner on Retailer-Focused Customization OfferingTheir partnership combines Gemist’s customization technology with Saban Onyx’s U.S.-based manufacturing capabilities.
SurveysMay 01, 2026
Consumer Confidence Inches Up in April Despite Rising Gas PricesRespondents were concerned about the Middle East conflict and how it will impact their finances.
CollectionsMay 01, 2026
A ‘Hidden Garden’ Emerges in Tiffany & Co.’s 2026 Blue BookOur Piece of the Week, the “Butterfly” necklace, showcases a 7.02-carat oval diamond set between diamond, platinum, and 18-karat gold wings.
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
