The Group of Seven (G7) countries is expected to announce an import ban on Russian diamonds in the next 2-3 weeks, Belgian officials told reporters on Friday, in a bid to tighten a squeeze on Russia's capacity to finance the war in Ukraine.
bought 1.4 billion euros worth of Russian diamonds last year, based on data from Eurostat, as the EU has not banned Russian gem imports nor blacklisted Alrosa.diamond business De Beers said the diamond industry aims to support the G7 efforts.
As of 2021, global rough diamond sales totalled $16.4 billion, while demand for polished diamonds was $28 billion, the De Beers report showed. Demand for natural diamond jewellery stood at $87 billion, with the United States the largest consumer.from the country that "transformed" them, diamond analyst Paul Zimnisky said.
The EU country has suggested the customs checks be centralised in the G7's wholesale entry points for rough and polished stones. "By cutting out Alrosa, we will be as a trading hub cut off from 35-40% of the market," one of the officials said.
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