Policies & Issues

EU Pushes Back Sept. 1 Diamond Traceability Deadline, US Yet to Act

Policies & IssuesJun 26, 2024

EU Pushes Back Sept. 1 Diamond Traceability Deadline, US Yet to Act

The European Union has delayed its deadline for implementing a “robust” traceability mechanism for rough diamonds by six months.

Stock image of diamonds
The European Union announced Monday that it has adopted its 14th package of sanctions on Russia. It included updates to the EU’s ban on Russian diamonds that took effect Jan. 1.
New York—The European Union has announced what it describes as a “fine-tuning” to the import ban on Russian diamonds, delaying a major deadline while also issuing a decision about goods that were in the EU prior to the ban.

The announcement came Monday as part of a fresh round of sanctions on Russia intended to punish the country for its full-scale invasion of Ukraine in February 2022. 

In it, the EU clarified that the ban on Russian diamonds does not apply to goods that were already in the EU or in a third country (other than Russia) before the ban went into effect, a measure referred to as “grandfathering.”

The EU’s Russian diamond ban took effect Jan. 1 for goods imported directly from Russia and extended to diamonds mined in Russia but cut and polished elsewhere on March 1. 

In addition, the EU extended the “sunrise period” on full traceability on imports of rough and polished diamonds from Sept. 1 to March 1, 2025.

When leaders from the Group of Seven nations (G-7) issued their statement on Russian diamonds in December, they said that G-7 countries that are “major” importers of rough diamonds should establish a “robust traceability-based verification and certification mechanism” for rough diamonds by Sept. 1, 2024.

The six-month delay was expected, as the industry does not yet have a full traceability scheme in place. 

The EU also said Monday it is postponing the ban on jewelry set with diamonds mined in Russia but cut and polished elsewhere and will allow “temporary” imports or exports of jewelry for trade shows or repairs. 

 Related stories will be right here … 

Sara Yood, who just took over as president and CEO of the Jewelers Vigilance Committee, pointed out that while the EU’s decision addressed the issue of “grandfathering” and extended the sunrise period, it did not mention the pending drop in the 1-carat threshold for polished goods.

The G-7’s agreement to ban diamonds mined in Russia but cut and polished elsewhere currently applies only to diamonds weighing 1 carat or more. The carat threshold is set to drop to 0.5 carats beginning Sept. 1. 

Yood said she expects that deadline to stand.

“JVC has been encouraging its members to prepare for these changes well in advance of their implementation dates,” she said.

“Although it is incredibly helpful to have this communication from the EU, we are still waiting to hear from the U.S. government if they will implement the same kinds of clarifications to their import ban on Russian diamonds cut and polished in a third country.”

She added that understanding the nuances for diamonds that were imported prior to the bans is “incredibly important” for the U.S. industry, as it addresses complicated areas like heritage pieces and repairs.

On Tuesday, leaders from the U.S. jewelry industry met virtually with State Department officials to discuss diamonds that were in G7 countries prior to the March 1 ban, one of the key issues an industry delegation, led by Jewelers of America, was lobbying lawmakers on during a visit to Washington, D.C. earlier this month.  

Nothing was officially decided at the meeting. 

The Latest

Stock image of people shopping in a mall
SurveysApr 03, 2025
2025 Retail Sales to Grow More Slowly Amid ‘Uncertainty,’ Says NRF

The National Retail Federation expects retail sales growth to return to pre-pandemic levels as consumers continue to face inflation.

Tallulah Willis’ Engagement Ring
TrendsApr 03, 2025
Tallulah Willis Imbues Antique Engagement Ring With Magic

The 4-carat, old mine brilliant-cut diamond engagement ring was co-designed by Willis and New York City-based brand Karina Noel.

158.2-carat yellow diamond from Diavik
SourcingApr 03, 2025
Canadian Mine Produces 158-Carat Yellow Diamond

Rio Tinto unearthed the diamond at its Diavik mine in Canada’s Northwest Territories.

bench jeweler 1872x1052.png
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They Deserve

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

Buccellati Naturalia exhibition
CollectionsApr 03, 2025
Buccellati to Open Immersive Exhibition in Milan

The multisensory experience, open April 8-13, will feature the brand’s silver creations among dream-like scenes of natural landscapes.

Weekly QuizApr 03, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Bea Bongiasca Animali Tarallo Collection Royal Blue Tang Fish “Dory”
CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a Zoo

The pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.

Neiman Marcus Downtown Dallas store
MajorsApr 02, 2025
Neiman Marcus’ Dallas Flagship Will Remain Open, For Now

Parent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.

Facets-of-Fire-Difference-You-Can-See.jpg
Brought to you by
Natural Diamonds Should Mean More

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Natural color diamonds on display at Smithsonian National Museum of History
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.

Punchmark
Events & AwardsApr 02, 2025
Punchmark to Host Client Workshop

The educational event will take place in Charlotte, North Carolina, this May.

Bergman Jewelers family
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 Years

The independent jeweler first opened its doors in 1888.

QVC Group Inc. logo
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.

Coconut Grove Jewelry & Watch Show
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in Florida

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

The Jewelry Symposium (TJS)
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor Shortage

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.

Peanuts x Monica Rich Kosann Collection Bracelets
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry Collection

The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Graphic for What Do We Mean When We Say “Recycled” Gold webinar
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.

Mindi Mond Clarity Earrings
TrendsMar 31, 2025
Amanda’s Style File: Dripping in Diamonds

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

Lashbrook ring
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With Acquisition

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

Bulgari and LVMH Watches CEO Jean-Christophe Babin
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH Watches

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Surveillance footage of robbery
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry Store

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Nephrite and Jadeite by Heinrich Fischer, Richard W. Hughes
SourcingMar 28, 2025
19th-Century Jade Book Now Available in English

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

LÖF The Valentine Ring
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ Ring

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

Eggs on a shelf
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ Outlook

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

Richard Rainsford memorial ring
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.

Austin Butler
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand Ambassador

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

ICA Congress Brazil 2025
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.

Bailey’s Fine Jewelry storefront
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent Jeweler

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy