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
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
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.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
Weekly QuizJun 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough RubyThe gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry SaleThe top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JAGizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEOLuca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand AmbassadorThe New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
